Bitcoin (BTC) surpassed the $115,000 level over the weekend, reaching its highest level in the last two weeks.
Bitcoin exceeds $115,000: $347 million in short positions liquidated
BTC is up 3% in the past 24 hours, while Ethereum (ETH) gained 6% to $4,187. XRP and BNB gained 2% and Solana gained 5.7%.
“These price movements are not temporary jumps, but are part of a lasting trend driven by on-chain supply tightening, technical indicators, and macroeconomic support,” BTC said. Rachael Lucas, Markets Analyst.
The rise was fueled by reports that the United States and China would reach agreement on a framework for a trade deal when they meet in South Korea next week. According to Lucas, “markets are reacting positively to a potential improvement in US-China relations, which supports risk assets, particularly cryptocurrencies.”
Additionally, the expectation of a 25 basis point rate cut at this week’s Fed meeting is boosting investor appetite. The CME Group’s FedWatch tool shows a 96.7% probability of a rate cut.
During this rally, approximately $347.5 million in short positions were liquidated. “This is a typical short sale; bearish investors were forced to close their positions, accelerating the price rise,” said Vincent Liu, CIO of Kronos Research.
Analysts predict that Bitcoin could reach the $130,000-$150,000 range towards the end of the year, driven by the traditional “Christmas rally.”
*This does not constitute investment advice.
