Bitcoin’s derivatives-led rally is already unraveling. Prices are back below $75,000

Bitcoin briefly surged to a six-week high above $75,000 before quickly retreating, underscoring the fragility of the latest rally. What to know : Bitcoin briefly surged to a six-week high above $75,000 before quickly retreating, underscoring the fragility of the latest rally. Analysts say the move was driven largely by the closing of large bearish put positions and related market-maker hedging, rather than strong new buying interest. The quick pullback suggests key reference points from last year are influencing the market psychology.