Bitcoin Nears Record High at $110K as U.S.-China Talks Spark Market Rally

Bitcoin surged past $110,000 late Monday, igniting a wave of bullish momentum as optimism grew around renewed trade negotiations between the United States and China. The move marked the first time Bitcoin has cleared that level in nearly two weeks, and it comes amid a broader recovery in the crypto market.

As of late Monday, Bitcoin was trading at approximately $110,100—up 3.5% in 24 hours and nearly 5% for the week. Just days ago, on June 5, BTC had dipped below $101,000, extending a slump that began in late May. Now, with its all-time high of $111,814 within reach, traders are watching closely for a breakout above resistance.

“Crossing $110K is a technical milestone,” noted analysts, who believe Bitcoin could be gearing up for a potential run toward $120,000 if it sustains this momentum.

The rally isn’t limited to Bitcoin. Ethereum is now above $2,640, up 4.5%, while Solana added over 3% to trade near $160. Even meme coins are bouncing back—Dogecoin surged 4.5%, and Shiba Inu climbed 2.5%.

Much of the optimism stems from easing geopolitical tensions. U.S.–China trade talks have resumed, calming market jitters and giving risk assets—including crypto—a lift. Traditional markets reflected similar optimism: both the Nasdaq and S&P 500 recorded slight gains on the day.

Meanwhile, liquidations are hitting short sellers hard. More than $323 million in shorts have been wiped out over the past 24 hours, according to CoinGlass, with Bitcoin short liquidations alone totaling $196 million.

Despite recent outflows from spot Bitcoin ETFs—which saw redemptions in five of the past seven sessions—Ethereum-based ETFs are defying the trend. They've now recorded 15 consecutive days of positive inflows, suggesting a divergence in investor sentiment.

“Bitcoin is confronting a breakout scenario,” said 10X Research in a Monday note. “With negative funding rates, surprise demand in spot markets, and signs of a market bottom, the setup is turning far more bullish than most had expected.”

As Bitcoin teeters near its historic high, market participants are bracing for what could be a defining week for crypto prices—and broader investor sentiment.