Bitcoin (BTC) broke through the $115,000 level over the weekend, reaching its highest level in two weeks.
Bitcoin surpasses $115,000: $347 million short position liquidated
Over the past 24 hours, BTC is up 3% and Ethereum (ETH) is up 6% to $4,187. XRP and BNB rose 2%, while Solana rose 5.7%.
“These price movements are not temporary spikes, but are part of a sustainable trend driven by on-chain supply tightness, technical indicators, and macroeconomic support,” said Rachel Lucas, an analyst at BTC Markets.
The rise was spurred by reports that the United States and China will reach an agreement on a trade deal at talks in South Korea next week. “Markets are reacting positively to a potential improvement in US-China relations, which is supporting risk assets, especially cryptocurrencies,” Lucas said.
Investors are also encouraged by expectations that the Fed will cut interest rates by 25 basis points at this week’s meeting. According to CME Group’s FedWatch tool, the probability of a rate cut is 96.7%.
During this rally, approximately $347.5 million worth of short positions were liquidated. “This is a classic short squeeze. Bearish investors were forced to exit their positions, accelerating the price rally,” said Vincent Liu, chief investment officer at Cronos Research.
Analysts predict that Bitcoin could rise to the $130,000 to $150,000 range by the end of the year, driven by a traditional “Christmas rally.”
*This is not investment advice.
