Analyst: Bitcoin Breaks Through $110,000, Positioned at a Critical Point Awaiting Macro Signals
Powered by ChatGPTOdaily Planet Daily reports that Bitcoin rose more than 3% in a single day, breaking through $110,000, just about 2% shy of the all-time high set in May. Ethereum also rose 3.8%, reaching $2,620. Hyperliquid's HYPE and SUI increased by 7% and 4.5% respectively, standing out among mainstream crypto assets.
Bitfinex analysts stated that after Bitcoin experienced a 10% correction last week and nearly $1.90 billion in derivatives liquidations, market leverage has been effectively cleared. It is currently at a crossroads between "structural support and weakening momentum," awaiting the next macroeconomic catalyst.
According to CoinGlass data, Bitcoin's rise on Monday led to more than $110 million in short liquidations, with a total of over $330 million short positions liquidated in the crypto market that day, marking a near one-month high.
Caleb Franzen, founder of Cubic Analytics, described the current market as a "peaceful rise," characterized by continuously higher highs and higher lows, with rapid buy support during each pullback.
Wintermute OTC trader Jake O noted that the market is focusing on this week's US-China trade representative meeting and the US CPI data released on Wednesday, which could be key triggers for Bitcoin's next move. (CoinDesk)