Bitcoin’s steady ascent on Monday pushed its price to its highest point since June, bouncing back from last week’s dip to approach its all-time highs. Over the past 24 hours, Bitcoin surged by 3.7%, surpassing $110,000 and trading just 2% below its record highs seen in May. Meanwhile, Ethereum’s ether gained 3.8%, climbing above $2,620. Certain altcoins like Hyperliquid and SUI outperformed larger cryptocurrencies, rising by 7% and 4.5%, respectively.
Bitcoin’s rally caught leveraged traders off guard, resulting in over $110 million liquidated from short positions within an hour. Overall, approximately $330 million in shorts were wiped out during the day—the highest in a month—highlighting traders’ bets against falling prices. This move occurred amid relatively muted traditional markets, with the S&P 500 and Nasdaq remaining flat, while crypto-related stocks rebounded to align with Bitcoin’s weekend recovery.
Market analyst Caleb Franzen from Cubic Analytics describes this as a “peaceful rally,” characterized by consistent higher highs and higher lows. “Buyers are stepping in to defend the trend at any signs of weakness,” he notes.
After a recent 10% drop to nearly $100,000, Bitcoin now appears to be stabilizing, especially after over $1.9 billion in liquidations across crypto derivatives last week helped clear excessive leverage, according to Bitfinex analysts. However, on-chain data signals increased selling pressure from long-term holders, which could potentially outweigh current demand.
Bitfinex experts suggest Bitcoin is at a pivotal point—straddling solid support levels while bullish momentum wanes—awaiting a key macroeconomic cue. Traders are eyeing upcoming developments, including U.S. and Chinese trade talks and the release of U.S. inflation data, which could influence the market later this week.
Overall, Bitcoin’s resilience and the current trend of higher lows suggest optimism, though caution remains as macro factors and long-term holder behavior could impact future price movements.
