Bitcoin Edges Above $110K, Positioned at a Crucial Crossroads for Next Move
Bitcoin quietly surpassed the $110,000 mark on Monday, extending its recovery from last week’s pullback and setting the stage for a critical directional decision. The world’s largest cryptocurrency gained 3.7% over 24 hours, trading just below its record highs reached in May.
Ethereum mirrored this momentum with a 3.8% increase, climbing past $2,620. Meanwhile, altcoins like Hyperliquid and SUI outperformed broader market trends, posting gains of 7% and 4.5% respectively, reflecting pockets of renewed investor enthusiasm.
The sudden rally caused a sharp short squeeze, liquidating over $110 million in bearish positions within a single hour. Total short liquidations across the crypto market exceeded $330 million on Monday—the highest figure since mid-May—highlighting a notable shift toward bullish sentiment.
Traditional financial markets remained mostly flat, with the S&P 500 and Nasdaq showing little movement. In contrast, crypto-linked equities rebounded, aligning with Bitcoin’s weekend resurgence.
Market analysts describe the current rally as “peaceful,” characterized by steady higher highs and higher lows, signaling robust underlying buying pressure. Caleb Franzen, founder of Cubic Analytics, noted, “Whenever Bitcoin shows signs of weakness, buyers quickly step in to defend the uptrend.”
Following a turbulent week marked by a 10% correction and nearly $2 billion in crypto derivatives liquidations, the market now appears more stable. Still, caution lingers as on-chain data from Bitfinex reveals growing selling pressure from long-term holders.
“Bitcoin stands at a pivotal juncture, balancing strong structural support against diminishing bullish momentum,” Bitfinex analysts commented. “The market’s next move will likely depend on forthcoming macroeconomic signals.”
All eyes are now on this week’s US-China trade talks and Wednesday’s Consumer Price Index release, which could provide key insights into the broader market trajectory. Jake O, an OTC trader at Wintermute, emphasized, “How markets respond to these events will likely shape Bitcoin’s path in the weeks ahead.”
