Bitcoin price jumped past $75,000 on Wednesday as traders recalibrated what the asset represents in the wake of the Iran conflict and an unusually stretched derivatives market. Price action, positioning data, and a real-world test of bitcoin as a settlement rail now point to a market that values the token as more than a volatile wager on tech risk.

Bitcoin price traded around $74,000 to $75,000 on April 15, extending a rebound that began after a February low near $60,000. The move leaves the asset up roughly 23% from that trough and about 3% on the week, even as broader macro and geopolitical headlines remain tense.

Spot markets now face stiff resistance in the $75,000 to…

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