Bitcoin nears $79K resistance, wiping out $120M in shorts after April's 13% gain.

Bitcoin surged over $2,000 on May 1, reaching an intraday high near $78,924 and testing the $79,000 resistance level after gaining 13% in April. This jump triggered $120 million in short position liquidations, pushing Bitcoin's market cap to nearly $1.57 trillion. The rally was partly driven by geopolitical developments, including a tentative diplomatic proposal from Iran to the U.S., though uncertainty remains due to ongoing Middle East tensions. Analysts warn that shifts in Federal Reserve policy and geopolitical risks could increase volatility in high-value assets like Bitcoin going forward.