Bitcoin Hits $110K Milestone, at a Crossroads for Future Direction - Cryptured.com

Bitcoin’s gradual ascent on Monday surged to its highest level since June, recovering from last week’s drop to levels that were almost all-time high.

The biggest cryptocurrency rose 3.7% in the last day to over $110,000, and it is only 2% away from its peak May pricing. Ethereum’s ether (ETH) followed suit, rising 3.8% over the same time frame and surpassing $2,620. The native tokens of SUI and Hyperliquid (HYPE) performed better than the majority of large-cap cryptocurrencies, increasing 4.5% and 7%, respectively.

Leveraged traders were taken off guard by Bitcoin’s surge upward, and within an hour, they liquidated almost $110 million worth of short bets, according to CoinGlass data. The largest short sale in a month, totaling almost $330 million across all cryptocurrency assets, took place during the day. Profiting from falling asset prices is what short sellers want to do.

The increase occurred during a period of sluggish activity in traditional markets, as the S&P 500 and Nasdaq indices were flat for the day. During the day, cryptocurrency-related stocks recovered to keep pace with Bitcoin’s weekend comeback.

The creator of Cubic Analytics and a well-known analyst, Caleb Franzen, stated that the price movement was a “peaceful rally.” A steady progression of higher highs and higher lows is all that is required. Weaknesses? Buyers intervene and protect the pattern.

With bitcoin’s 10% drop to around $100,000 and over $1.9 billion in liquidations across crypto futures over the previous week, which drained off excessive leverage, the cryptocurrency market is now on a more stable footing for a possible next move higher, Bitfinex analysts wrote in a report on Monday.