Bitcoin (BTC) surged past the $110,000 mark on Monday, its strongest level in nearly two weeks and just under 2% shy of its all-time high of $111,814 established in May. The rally follows a recent dip below $101,000 on June 5, marking a recovery fueled by optimism over renewed trade negotiations between the U.S. and China that may ease longstanding tensions affecting global markets.
This price movement triggered significant liquidations of short positions, with nearly $323 million in cryptocurrency shorts closed out within 24 hours, led by $196 million specifically from Bitcoin shorts. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also gained 4.5%, climbing above $2,640. Other notable performers included Solana (SOL), rising over 3% to nearly $160, and meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), which saw increases of 4.5% and 2.5%, respectively.
Market analysts have highlighted the breakthrough above $110,000 as an indicator of renewed bullish momentum. Joe DiPasquale, CEO of BitBull Capital, suggested that holding this price level could pave the way for Bitcoin to approach $120,000. Yet some caution remains as on-chain data flagged increasing sell pressure from long-term holders that could temper demand.
Despite volatility, Ethereum ETFs displayed consistent positive inflows with a 15-day streak, contrasting with Bitcoin ETFs which have seen asset reductions recently. The broader crypto market response was notably strong even as traditional U.S. equity indices such as the Nasdaq and S&P 500 remained flat.
Overall, the market environment appears to be on firmer footing after a week marked by $1.9 billion in liquidation of leverage positions across crypto derivatives, which has helped flush excess speculative pressure. Traders await upcoming U.S. inflation data for additional macro cues that could influence price trajectories.