Bitcoin price surged past $76,000 on Tuesday, hitting a four-week high and marking its strongest price move in weeks as a combination of geopolitical optimism, forced short liquidations, and institutional buying pressure drove the rally.

The move began building in the evening of April 13, when bitcoin broke through a dense cluster of leveraged short positions sitting between a bitcoin price of $72,000 and $73,500. Once that resistance cracked, short liquidations became the accelerant. 

Over a 24-hour period, roughly $425 million in leveraged short positions in Bitcoin and Ether were wiped out, with 177,000 traders liquidated for a combined $530 million, according to CoinGlass…

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