- Bitcoin rose above $110,000 for the first time since late May, nearing its record high.
- The recent surge is linked to ongoing trade talks between the U.S. and China.
- Nearing $323 million in crypto short positions were liquidated, led by Bitcoin at $196 million.
- Major altcoins like Ethereum and Solana also posted gains; meme coins rebounded.
- Investors are reacting to economic uncertainty, with Bitcoin ETFs seeing outflows but Ethereum ETFs showing continued inflows.
Bitcoin exceeded $110,000 late Monday, marking the first time in nearly two weeks it has crossed this level. The price increase is happening as investors watch trade negotiations between the United States and China, which may help reduce trade tensions.
As of Monday afternoon, Bitcoin traded at about $110,100. This is a 3.5% increase over 24 hours and nearly a 5% rise in the past seven days after dropping below $101,000 on June 5, according to the source. Bitcoin is now less than 2% away from its all-time high of $111,814, recorded in May.
Joe DiPasquale, CEO of BitBull Capital, stated, “Bitcoin breaking above $110,000 for the first time in two weeks signals renewed bullish momentum after a period of consolidation. If BTC can hold this level, it may set the stage for a fresh push toward the $120,000 range.” Data shows that more than $323 million in crypto short positions were liquidated in the last day, with $196 million of that coming from Bitcoin alone, as reported by CoinGlass.
Other major cryptocurrencies also gained value. Ethereum traded above $2,640, up 4.5%, while Solana rose more than 3% to nearly $160. Meme coins, such as Dogecoin and Shiba Inu, saw price increases of 4.5% and 2.5%, respectively.
The broader financial markets experienced slight gains on Monday as the Nasdaq and S&P 500 indexes each rose moderately. Crypto investors have faced uncertainty due to trade issues and other macroeconomic concerns. Spot Bitcoin exchange-traded funds (ETFs) have seen five days of outflows in the past week. In contrast, Ethereum ETFs have experienced 15 straight days of positive inflows.
A recent report from 10X Research noted, “Bitcoin is testing a breakout level, and the market setup appears significantly different from what most investors anticipated just weeks ago. Negative funding rates, a pattern of market bottoms, and a surprising surge in spot demand are combining to create a high-conviction signal.”
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