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.
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