Simply put
- Bitcoin reached over $110,000 on Monday, marking the first time since late May.
- After dipping below $101,000 on June 5th, it’s now less than 2% from its all-time high.
Bitcoin crossed the $110,000 mark late Monday afternoon, representing a significant moment for investors as it was the first time in nearly two weeks. This rise came amidst ongoing discussions between the US and China that might mitigate trade tensions. Additionally, there was a considerable amount of settlements in short positions as the price surged.
The largest cryptocurrency by market cap traded around $110,100, reflecting a 3.5% rise in just 24 hours. Over the past week, Bitcoin has jumped nearly 5% since its drop below $101,000 earlier this month.
Staying above that threshold, Bitcoin is now quite close to its peak price of $111,814 reached in May.
“Bitcoin’s breakthrough over $110,000 for the first time in two weeks indicates a strong momentum resurgence after some consolidation,” noted a report. “If BTC maintains this level, it might pave the way for a further rise towards $120,000.”
Other major cryptocurrencies also saw gains. Ethereum, being the second-largest by market cap, jumped 4.5% to above $2,640, while its rival Solana also enjoyed a bump by over 3% to above $160.
Even Dogecoin and its offshoot, Seabainu, showed upward movement, rising 4.5% and 2.5% respectively, following this trend.
This spike coincided with updates on trade tariffs between the US and China, which stirred up some volatility in the market. Notably, the tech-heavy Nasdaq and S&P 500 both experienced minor fluctuations on Monday.
On the last day, approximately $323 million in crypto short positions were settled, leading Bitcoin’s share to be part of a broader $1.999 billion liquidation.
Investors have been treading cautiously amid trade uncertainties and other economic factors, with spot Bitcoin exchange sales seeing a decrease in assets for five out of the last seven days. Conversely, Ethereum ETFs have maintained a positive inflow over the past 15 days.
“Bitcoin is testing some key breakout levels, and the market dynamics appear very different from what many investors anticipated a few weeks ago,” a report indicated. “The negative funding rates and unexpected increases in spot demand suggest a strong market signal.”
