Bitcoin Price Climbs Toward $75,000 as US-Iran Strait of Hormuz Tensions Trigger Short Squeeze
By Jamie Redman
Bitcoin's price climbed toward $75,000 on April 13, 2026, after President Trump ordered a blockade of the Strait of Hormuz amid US-Iran tensions. Traders covered short positions, driving the price from a morning low of $70,741 to intraday highs above $74,900. The surge was fueled by millions in short liquidations triggering a short squeeze.
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