Analyst: Bitcoin breaks through $110,000 and is at a critical position waiting for macro signals

Odaily News Bitcoin rose more than 3% in a single day, breaking through $110,000, and is only about 2% away from its all-time high in May. Ethereum also rose 3.8% to $2,620. Hyperliquid's HYPE and SUI rose 7% and 4.5% respectively, performing well among mainstream crypto assets.
Bitfinex analysts said that after Bitcoin experienced a 10% correction last week and nearly $1.9 billion in derivatives liquidations, market leverage has been effectively cleared and it is currently at a crossroads between "structural support and weakening momentum," waiting for the next macroeconomic catalyst.
CoinGlass data showed that the rise of Bitcoin on Monday led to the liquidation of more than $110 million in short positions. On that day, the crypto market liquidated a total of more than $330 million in short positions, setting a nearly one-month high.
Caleb Franzen, founder of Cubic Analytics, calls the current market a "peaceful rally," which means that higher highs and higher lows continue to appear, and buying support is quickly gained on each pullback.
Wintermute OTC trader Jake O said the market is paying attention to this week's meeting between US and Chinese trade representatives and the US CPI data released on Wednesday, which may become the key trigger for Bitcoin's next move. (CoinDesk)