Bitcoin’s price has now surged over $110,000, the first confirmation the asset has crossed this threshold in almost two weeks. The largest crypto by market capitalization hit around $110,100 in recent trading hours, indicating a return of the bullish vibes. Bitcoin has been on a tear lately, now trading only 2% off its all-time peak. This thrilling development is fueling speculation of an imminent move towards the $120,000 level.

The cryptocurrency started to tank after late May. In fact, it even fell below $101,000 on June 5! This recent spike all takes place during a larger market uncertainty and ongoing trade talks between the United States and China.

Market Performance and Liquidations

The performance of Bitcoin over the past week has been particularly strong, up almost 5%. Bitcoin is up 3.5% over the last 24 hours. The digital currency peaked above $110,000 on Monday for the first time since late May, marking a significant rebound.

As a result, 425 million dollars in shorts have been liquidated during the bullish spike. Over $196 million of Bitcoin short positions were liquidated just in the past 24 hours. In the overall crypto market, crypto short liquidations amounted to $323 million.

Expert Analysis and Future Outlook

Market analysts are closely watching Bitcoin's performance. Bitcoin price is holding the line at $30k. This stability may very well inject some momentum into a new climb toward that $120,000 mark.

"Bitcoin breaking above $110,000 for the first time in two weeks signals renewed bullish momentum after a period of consolidation." - Joe DiPasquale

Bitcoin exchange-traded funds have experienced challenges. Bitcoin ETFs lose assets on five out of last seven days amid trade woes, macro uncertainties.

Macroeconomic Factors and Investor Sentiment

The price increase in Bitcoin we’ve seen recently comes at the same time as new talks begin between the U.S. and China to discuss trade tariffs. Macro concerns haven’t been kind to crypto investors, as a retreating trade environment has put pressure on Bitcoin and other risk assets. Yet, it’s Bitcoin’s strength breaking above the $110,000 level that shows this run is built on something more than just FOMO.

"Bitcoin is testing a breakout level, and the market setup appears significantly different from what most investors anticipated just weeks ago." - 10X Research