Bitcoin fails to reclaim $75,000… “Short-covering rally has limits”

Bitcoin (BTC) briefly broke above $75,000 intraday before pulling back, prompting analysis that the rally’s instability has been exposed.

According to CoinDesk on the 17th (local time), Bitcoin rose to as high as $75,912 in early Asian trading—its highest level in about six weeks—but later gave up those gains and slipped back below $75,000.

The advance was largely attributed to liquidations of bearish bets (put options) in the derivatives market. In particular, as put-option positions concentrated around the $60,000 area were unwound, market makers bought Bitcoin to hedge their exposure, a process that helped trigger a short-term price spike.

The upswing, however, did not last. Analysts said upside momentum was capped as the options market did not see a concurrent increase in call-option buying that would signal expectations for further gains. This suggests the move had the characteristics of a “mechanical rebound” driven more by the closing of existing bearish positions than by fresh buying.

Technically, the $74,400 area appears to be acting as near-term resistance. That level previously served as support, but has now flipped to resistance, emerging as a key zone watched by market participants.

As Bitcoin retreated, major altcoins also pared gains. Ethereum (ETH), XRP (XRP), Solana (SOL), Binance Coin (BNB) and Dogecoin (DOGE), among others, fell from their Asian-session highs, slowing the broader market’s upward momentum.

Market observers said that because the move was shaped by technical factors without clear new demand, volatility is likely to persist in the near term.