If you were betting against Bitcoin this week, the market just handed you an expensive lesson. Over $275 million in Bitcoin short positions were wiped out in a single day as a surprise geopolitical development sent crypto prices sharply higher, catching bearish traders in one of the most punishing squeezes of 2026.

Bitcoin hit an intraday high of $72,379, reclaiming the psychologically important $72K level that had eluded bulls for weeks. The broader crypto market cap surged more than 5%, pushing past $2.53 trillion.

What actually happened

Reports of a ceasefire between the US and Iran on April 8 flipped the script on a market that had been grinding lower under the weight of geopolitical anxiety and climbing oil…