On Monday— Valentines Day —Bitcoin’s price skyrocketed to over $110,000. This increase was the first time it has topped that mark in almost two weeks. The latter of which has the cryptocurrency now sitting less than 2% away from its all-time high. This wave of investment coincides with a period of high investor confidence spurred by expectations of a de-escalation of trade tensions between the U.S. and China.
Bitcoin was just under $110,100 at the time of writing. That’s a 3.5% bump in the last 24 hours and almost 5% jump in the past week. The increase marks a strong rebound from June 5, when the price of Bitcoin fell below $101,000. The big liquidity trap Recent price action ILLIQUIDATION BINGO! This caused the liquidation of close to $196 million in Bitcoin short positions. All of this occurred in merely the past 24 hours!
Market Momentum and Analysis
After a long consolidation phase, Bitcoin’s return above $110,000 represents the return of bullish momentum. The cryptocurrency flew through the $110,000 barrier late Monday afternoon, highlighting a significant tipping point for crypto investors. The price increase aligns with growing optimism surrounding ongoing talks between the U.S. and China, which could potentially alleviate trade tensions and boost market sentiment.
"Bitcoin is testing a breakout level, and the market setup appears significantly different from what most investors anticipated just weeks ago," - 10X Research
This boom could be an indicator of changing market forces. It has certainly surprised the heck out of investors who thought otherwise just a few weeks ago.
Expert Perspectives
According to Joe DiPasquale, CEO of crypto asset management firm BitBull Capital, about Bitcoin’s recent price surge.
"Bitcoin breaking above $110,000 for the first time in two weeks signals renewed bullish momentum after a period of consolidation," - Joe DiPasquale
DiPasquale hopes this major accomplishment will lead to more progress.
"If BTC can hold this level, it may set the stage for a fresh push toward the $120,000 range." - Joe DiPasquale
Potential Future Trends
Whether Bitcoin can hold this level will be important to Bitcoin’s potential continued upward momentum. If it can remain over $110,000, this will likely open the door for another push into the $120,000 zone. That’s how great the potential is, according to Joe DiPasquale, CEO of crypto investment firm BitBull Capital. Investors and cryptocurrency market analysts are watching these developments intently to determine the cryptocurrency’s ability to continue expanding.
