Bitcoin Surges Past $110,000 as Trade Talks Between U.S. and China Renew Investor Optimism
Bitcoin breezed past $110,000 late Monday afternoon, the first time it’s passed that threshold in nearly two weeks as investors looked hopefully at current talks between the U.S. and China that could ease trade tensions. And short position liquidations are piling up amid the surge.
The largest cryptocurrency by market capitalization was recently trading at about $110,100, up 3.5% over the past 24 hours. BTC has risen nearly 5% over the past seven days after dropping below $101,000 on June 5, part of a lengthier swoon that started in late May.
At that mark, Bitcoin isn’t far from its all-time high price of $111,814 set in May.
“Bitcoin breaking above $110,000 for the first time in two weeks signals renewed bullish momentum after a period of consolidation,” Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told Decrypt. “If BTC can hold this level, it may set the stage for a fresh push toward the $120,000 range.”
Major altcoins were also in positive territory with Ethereum—the second largest coin by market capitalization—trading above $2,640, up 4.5%, and its main rival, Solana, climbing more than 3% to nearly $160.
Meme coins, which have been particularly hard-hit in recent weeks, were also changing hands on an upswing, with Dogecoin and its spinoff Shiba Inu jumping 4.5% and 2.5%, respectively.
The spikes came as the U.S. and China renewed their discussions about harsh trade tariffs that have unsettled markets. The tech-focused Nasdaq and S&P 500 both ticked up a few fractions of a percentage point on Monday.
Nearly $323 million worth of crypto short positions have been liquidated in the last day, per data from CoinGlass, led by Bitcoin at $196 million.
Crypto investors have been in retreat amid trade issues and other macroeconomic uncertainties, with spot Bitcoin exchange-traded funds shedding assets on five of the last seven days. Ethereum ETFs, however, have collectively put up a 15-day green streak with positive inflows.
“Bitcoin is testing a breakout level, and the market setup appears significantly different from what most investors anticipated just weeks ago,” wrote 10X Research in a Monday morning report. “Negative funding rates, a pattern of market bottoms, and a surprising surge in spot demand are combining to create a high-conviction signal.”
Edited by Andrew Hayward
Editor’s note: This story was updated after publication to add comments.