Bitcoin tops $79,000 as crypto rally gathers steam; Circle, Coinbase, Strategy lead

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin tops $79,000 as crypto rally gathers steam; Circle, Coinbase, Strategy lead BTC pushed to an 11-week high with dynamics for a short squeeze building, one analyst noted. By Krisztian Sandor | Edited by Sheldon Reback Apr 22, 2026, 3:32 p.m. Make preferred on Bitcoin (BTC) price on April 22 Wednesday (CoinDesk) What to know : Bitcoin climbed above $79,000, its highest level since early February. Crypto stocks rallied, led by Strategy, Circle and Coinbase. Heavy short positioning could fuel further upside via a squeeze, K33 analyst said. Bitcoin BTC $ 79,296.86 climbed above $79,000 on Wednesday, hitting its strongest level since early February as a long-awaited breakout attempt gathered momentum. The largest crypto rose 4.5% over the past 24 hours, leading major altcoins ether (ETH), BNB BNB $ 649.92 , Solana (SOL) and XRP higher. The broad-market CoinDesk 20 Index advanced 3.5%. Crypto-linked stocks also rose. Strategy (MSTR), the largest corporate BTC holder, jumped 10% while stablecoin issuer Circle Internet (CRCL) gained 9% and crypto exchange Coinbase (COIN) rose 6%. Bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT) added 6%-7%. The broader macro backdrop also turned supportive. The S&P 500 rose 0.9%, and the Nasdaq added 1.3% to record highs, extending the risk-on environment. The gains followed U.S. President Donald Trump's remark late Tuesday that he would extend the Iran ceasefire while maintaining a naval blockade of the Strait of Hormuz. Still, uncertainty around peace talks remains. "BTC’s near-term direction remains highly dependent on macro and geopolitical developments," said Paul Howard, a senior director at Wincent. He pointed to $72,000 as key support, with upside potentially could be capped near the $79,000–$80,000 range as traders take profits. Bitcoin short squeeze potential While macro risks are still in place, derivatives positioning could fuel the rally higher. Perpetual swap traders remain heavily skewed bearish, with seven-day funding rates at near three-year lows, noted Vetle Lunde, head of research at K33 Research. At the same time, open interest continues to trend higher, suggesting fresh leverage is entering the market. BTC price and average perp funding rates (K33) "Rising leverage alongside deeply negative funding suggests shorts are steadily building in perps, increasing both the likelihood and potential magnitude of a short squeeze," he wrote. "We continue to see strong breakout potential for BTC, with concentrated shorts providing ample fuel for a move higher," Lunde added. The $79,000-$80,000 zone, however, carries additional weight for bitcoin. It aligns with the short-term holder realized price — a measure of the average cost basis for newer market participants, who tend to be more sensitive to volatility and more likely to sell into strength. For now, BTC is testing that hurdle. A clean move above it could signal stronger conviction behind the rally, but failing to hold could invite renewed selling pressure and profit-taking from shorter-term holders. Market Wrap Bitcoin News MicroStrategy Coinbase More For You Bitcoin breaks Strategy's STRC ex-dividend date slump for the first time in six months By James Van Straten | Edited by Jamie Crawley 12 minutes ago Bitcoin is seeing a short squeeze dynamic and steady U.S. demand to support gains. What to know : Bitcoin is trading higher one week after the STRC ex dividend date for the first time in six months, breaking a pattern of post payout weakness. 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