Analyst: Bitcoin Breaks Through $110,000, at a Key Position Awaiting Macro Signals
Odaily Planet Daily News: Bitcoin surged over 3% in a single day, breaking through $110,000, just about 2% shy of the all-time high set in May. Ethereum rose in tandem by 3.8%, reaching $2,620. Hyperliquid's HYPE and SUI increased by 7% and 4.5% respectively, standing out among mainstream crypto assets. Analysts say that after last week's 10% correction and nearly $1.9 billion in derivatives liquidation, market leverage has been effectively cleared. It is currently at a crossroads between "structural support and weakening momentum," awaiting the next macroeconomic catalyst.
CoinGlass data shows that Monday's Bitcoin rise led to over $110 million in short positions being liquidated, with the total crypto market liquidating over $330 million in short positions that day, marking a new high for nearly a month. Caleb Franzen, founder of Cubic Analytics, describes the current market trend as a "peaceful rise," characterized by consistently higher highs and higher lows, with buying support quickly emerging during each pullback. Wintermute OTC trader Jake O stated that the market is focused on this week's US-China trade representative meeting and the US CPI data release on Wednesday, which could be key triggers for Bitcoin's next move. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
GAIB launches on Bitget CandyBomb, contract trading unlocks token airdrop
21Shares launches six cryptocurrency ETPs on Nasdaq Stockholm
USDC Treasury minted an additional 250 millions USDC on the Solana chain
Data: A certain whale has turned bearish after closing ETH and BTC long positions with a loss of $6.2 million
