Just watched one of the wildest swings this year. Bitcoin shot up to $78K on news that Iran reopened the Strait of Hormuz and Trump claimed Tehran agreed to nuclear talks, then got absolutely wrecked back down to around $76K less than 24 hours later when Iran suddenly reversed course. Talk about a back wrench in the market.

The short squeeze was brutal. About $762 million got liquidated when BTC broke through, with shorts taking the biggest hit at $381 million. Funding rates had been deeply negative for weeks, so everyone was stacked on the short side waiting for a reversal. When the Hormuz news hit and oil dropped hard, it just cleaned house. The liquidation ratio was crazy—shorts outweighing longs by nearly 4 to 1.

Now we're watching that $76K level like hawks. If we hold it into Monday, there's still a structural break even with all the whipsawing. But if we lose it, we're back in the same range we've been stuck in since March. On the weekly, Solana is up solid at 13.08%, BNB added 5.12%, and XRP's at 4.74%. Bitcoin's only up 3% for the week, so the back wrench definitely killed some momentum. Oil's still down nearly 10% though, so the macro picture is still messy.

The pattern's getting repetitive—headline drives a rally, reversal headline kills it before it can consolidate. Keeps setting up the next forced unwind. Watching the $76K-$78K zone for a clean close above it.