Bitcoin has surpassed $100,000, driven by the announcement of a US-UK trade deal. The market capitalisation of cryptocurrencies has risen to over $3.21 trillion, with many altcoins also benefiting. Over $118 million in short positions were liquidated as sentiment shifts positively, showing bullish momentum in Bitcoin and other platforms.
Bitcoin has surged past the $100,000 mark once again, hitting a high of around $100,742. This rally occurred on Thursday, right after US President Trump’s announcement regarding a new trade deal with the UK. As a result, the overall crypto market capitalisation has soared above $3.21 trillion, with notable increases in meme coins and nearly every cryptocurrency within the top 100 experiencing significant gains.
Traders shorting Bitcoin, those betting on a drop, faced considerable losses with over $118 million in shorts liquidated within the last 24 hours. Data from Coinglass shows a 7% rise in Bitcoin’s open interest over the same period, now surpassing $70 billion. Strong momentum indicators, driven by positive trader sentiment and Bitcoin’s correlation with gold, seem to be fuelling this price increase.
Looking at specifics, Bitcoin rose sharply to $100,888, overcoming what had been a challenging resistance level. The 15-minute price chart reveals bullish signals; the Relative Strength Index (RSI) is at 72, climbing steadily, while the Moving Average Convergence Divergence (MACD) indicates positive momentum with its green histogram bars above the neutral line.
The importance of this rally isn’t just in Bitcoin; the broader cryptocurrency market is experiencing a significant uptick. The news of the US-UK trade deal appears to have turned sentiment around, pushing prices higher and encouraging optimism among investors. As this is breaking news, stay tuned for further updates as the situation develops.
However, it’s crucial to approach this information with caution, as the markets often carry inherent risks. The statements made here reflect the current trends and do not serve as investment advice. FXStreet and the author do not guarantee the accuracy or timeliness of this information, and readers are encouraged to conduct their own research before committing to any investments. Should you invest, be aware of the risks involved, including potential total loss of capital.
In related developments, other cryptocurrencies are also seeing movements. Notably, XRP has gained over 3%, trading at $2.19 as positive sentiment fuels its climb. Meanwhile, the price of meme coin Pepe has seen a surge exceeding 10%, influenced by increased interest in alternative coins. Overall, it appears that the market is entering a new, possibly bullish phase, particularly with Bitcoin leading the charge back toward the coveted $100K mark again.
