Bitcoin soared above the $110,000 mark late Monday for the first time in nearly two weeks, buoyed by optimism surrounding renewed trade discussions between the United States and China.
The price jump also triggered a wave of short liquidations as the rally gained momentum.
The world’s largest cryptocurrency by market capitalization recently traded at around $110,286, marking a 3.6% gain over the past 24 hours. Bitcoin is now up nearly 5% over the last seven days, rebounding from a dip below $101,000 on June 5—a pullback that capped a broader decline dating back to late May.
With BTC now nearing its all-time high of $111,814 set in May, market watchers are taking note.
“Bitcoin breaking above $110,000 for the first time in two weeks signals renewed bullish momentum after a period of consolidation,” said Joe DiPasquale, CEO of crypto investment firm BitBull Capital. “If BTC can hold this level, it may set the stage for a fresh push toward the $120,000 range.”
Other major altcoins also rose. Ethereum (ETH), the second cryptocurrency by market cap, gained 4.5% to more than $2,679, and Solana (SOL) added more than 3% to hover close to $160.
Even meme coins, which have struggled in recent weeks, showed signs of recovery. Dogecoin jumped 4.5%, and Shiba Inu added 2.5%.
Crypto IPO boom and trade talks fuel Bitcoin’s climb
The market’s uplift coincides with renewed talks between Washington and Beijing over longstanding trade tariffs—discussions that have soothed broader investor nerves.
Investors seem optimistic about the potential for resolving trade disputes between the US and one of its largest trading partners. Treasury Secretary Scott Bessent and China’s vice premier for economic policy, He Lifeng, will lead their respective delegations in negotiations expected to continue on Tuesday.
Equities responded modestly, with the Nasdaq and S&P 500 edging slightly on the day.
Another factor contributing to Bitcoin’s price surge is increased crypto-related IPOs. Last week, stablecoin giant Circle went public on the New York Stock Exchange and saw its shares pop over 168%, jumping from $31 to $69 within the first day of trading. Gemini, a crypto exchange founded by the Winklevoss twins, also filed for an IPO
According to David Siemer, CEO of crypto asset management company Wave Digital Assets, while the IPO bump is likely short-term excitement, the long-term institutional positioning leads us to be bullish about Bitcoin’s continued performance in 2025.
Bitcoin shorts crushed as $323M liquidated in a day
In the past 24 hours, close to $323 million of crypto short positions have been liquidated, CoinGlass data shows. Most of the damage was in Bitcoin, which saw around $196 million worth of liquidations.
The liquidations come amid mounting macroeconomic pressures and renewed trade tensions, which have rattled investor confidence.
Spot Bitcoin ETFs have seen outflows in five of the last seven trading sessions, reflecting the cautious sentiment. In contrast, Ethereum ETFs have enjoyed a streak of positive momentum, notching 15 consecutive days of inflows.
10X Research wrote in a report released Monday morning that Bitcoin is testing a breakout level, and the market setup appears significantly different from what most investors anticipated just weeks ago.
According to the report, negative funding rates, a pattern of market bottoms, and a surprising surge in spot demand combine to create a high-conviction signal.
