10.06.2025 00:46

Bitcoin surged past the $110,000 mark on Monday, a feat not achieved since late May, marking a significant rebound for the leading cryptocurrency. This upward trajectory comes after a dip below $101,000 as recently as June 5th, positioning Bitcoin within a mere 2% of its all-time high.

The renewed optimism surrounding Bitcoin's price is fueled by ongoing positive developments in US-China trade relations, which have eased investor anxieties. This bullish sentiment, coupled with substantial short position liquidations, contributed to the impressive price increase. Currently trading around $110,100, Bitcoin has shown a remarkable 3.5% gain in the last 24 hours and nearly 5% over the past week.

This resurgence extends beyond Bitcoin, impacting the broader cryptocurrency market. Ethereum, the second-largest cryptocurrency by market capitalization, saw impressive gains, trading above $2,640 – a 4.5% increase. Solana, a major Ethereum competitor, also experienced significant growth, climbing over 3% to approach $160. Even meme coins, which recently suffered considerable losses, participated in the upswing, with Dogecoin and Shiba Inu rising by 4.5% and 2.5%, respectively.

The positive momentum in the crypto market aligns with a broader market trend, as both the Nasdaq and S&P 500 indices experienced slight increases on Monday, possibly influenced by the renewed US-China trade discussions. This upward movement has been further intensified by the liquidation of approximately $323 million in crypto short positions, indicating a significant shift in market sentiment. According to Joe DiPasquale, CEO of BitBull Capital, this upward movement signals a renewed bullish trend and could propel Bitcoin towards the $120,000 mark, provided the current price level is sustained. The information presented here was compiled from various internet sources.