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Bitcoin’s price shook off last week’s dip and climbed sharply on Tuesday morning in Asia, topping $110,000 briefly before settling around $109,450. Traders rushed back in after the asset dipped close to $100,000, feeding a sharp rebound that leaves Bitcoin just 2.8% shy of its record high.
A blend of forced liquidations, surging derivatives volume, easing US–China trade tensions and steady on-chain withdrawals is driving the move.
Heavy Liquidations Shift The Balance
According to Coinglass, nearly $203 million in Bitcoin positions were wiped out over the past 24 hours. Of that, $195 million were against shorts. When so many short bets unwind at once, it forces buyers to cover positions, which can send prices spiking. Yet history shows these “short squeezes” can reverse quickly when traders take profits.
Based on reports, Bitcoin’s derivatives volume more than doubled, climbing over 110% to $110 billion. Open interest then followed suit, expanding 7.3% to almost $77 billion.
These kinds of inflows indicate that new money is accumulating. Both open interest and volume rising tends to indicate enthusiasm—and a willingness to carry through positions with swings.
Trade Diplomacy Lifts Risk Assets
Talks resumed in London on June 9 between the US and China over tariffs and export rules. Even a hint of progress tends to boost appetite for riskier assets, and Bitcoin isn’t immune.
Headlines of smoother trade ties lifted equities earlier this week—and crypto traders moved in tandem. If negotiations hit a snag, though, Bitcoin could slide with global markets.
On-Chain Data Shows Steady Accumulation
CryptoQuant’s numbers reveal that centralized exchanges have shed 550,000 BTC since July 2024, falling from 1.55 million to about 1.01 million today. As coins leave exchanges, float tightens. At the same time, the Coinbase Premium indicator rose, with US buyers paying more than overseas investors.
Santiment also reports renewed accumulation among wallets holding 10–100 BTC. This pattern hints at long-term holding rather than quick trades.
Correlation And Caution Remain
When you consider the rally, Bitcoin still dances on the tunes of equity price swings. Futures have mixed bets between bulls and bears, showing portrait-wise signs that certainly not everybody is convinced this run is going to hold.
High volatility would tend to wash out weak hands at the slightest hint of trouble, any reversal of risk sentiment, or a sudden macro shock would cost the rally dearly.
Optimism is building as analysts talk of fresh all-time highs. Some even eye $150,000 by the end of the year if US debt levels climb further. But sustaining a rally of that magnitude will require more than forced liquidations.
Traders will watch derivatives flows, on-chain reserves and trade headlines for signs of real, lasting demand before pushing prices much higher.
Featured image from Imagen, chart from TradingView
They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling – right up his alley!
So, he landed a killer gig at NewsBTC, where he’s one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian’s all work and no play? Not a chance! When he’s not at his computer, you’ll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian’s got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here’s the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day – and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors – and bosses – he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
