Bitcoin briefly surged past $110,000 on Thursday morning, triggering over $101 million in short liquidations and signaling renewed bullish momentum in the crypto market.
This price spike coincided with significant market reactions to the latest U.S. employment data, influencing investor sentiment and driving volatility across major cryptocurrencies.
According to a Bitunix analyst, “BTC has broken through its short-term descending trendline,” indicating potential for continued upward movement if key support levels hold.
Bitcoin’s surge past $110K triggers $101M short liquidations amid U.S. employment data impact, boosting crypto market momentum and ETF inflows.
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Bitcoin Surpasses $110,000 Amid Market Volatility and Short Liquidations
On Thursday morning, Bitcoin briefly exceeded the $110,000 mark, a milestone that sparked over $331 million in liquidations across the cryptocurrency market, predominantly affecting short positions. This surge represents a significant move, as Bitcoin’s price currently stands at approximately $109,720, up 1.8% on the day and nearing last month’s all-time high of $111,814. The rapid price movement led to the liquidation of more than $101 million in short Bitcoin positions within 24 hours, underscoring the intense market volatility and the risks faced by traders betting against the leading cryptocurrency.
Impact of U.S. Employment Data on Crypto Market Dynamics
The price action followed the release of the ADP National Employment Report, which revealed a decline in U.S. private payrolls for the first time since 2023. This unexpected data prompted a swift reassessment of Federal Reserve policy expectations, with the probability of a July rate cut rising to 25.3%, according to derivatives exchange Bitunix. The report noted that “Gold climbed, while the U.S. dollar came under pressure,” creating a favorable environment for risk assets like cryptocurrencies. Major digital assets, including Ethereum, rebounded strongly, with ETH climbing 5.5% to around $2,600, its highest level since mid-June.
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ETF Inflows and Market Sentiment Bolster Cryptocurrency Gains
Alongside Bitcoin’s price rally, the broader crypto market experienced mixed movements. While the total market capitalization dipped slightly by 0.3% to $3.48 trillion, several altcoins posted notable gains. XRP increased by 4.9%, Dogecoin surged 7.3%, and Cardano rose 7%. Solana also gained 3.6%, buoyed by the launch of the U.S. Rex-Osprey Solana + Staking ETF, which attracted $12 million in inflows on its first day. The U.S. Securities and Exchange Commission (SEC) is anticipated to approve additional crypto ETFs this year, potentially sustaining investor interest and liquidity in the sector.
Bitcoin Technical Analysis: Key Resistance and Support Levels
Technical indicators suggest Bitcoin has broken through its short-term descending trendline, signaling a potential shift in momentum. The Bitunix analyst highlighted that BTC is “approaching the key resistance level at $110,348,” with critical support zones identified between $105,000 and $102,560. Maintaining price above these levels could preserve bullish momentum, encouraging further upside. However, traders should remain cautious of volatility and monitor these thresholds closely to assess the sustainability of the current rally.
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Bitcoin’s recent surge past $110,000, coupled with substantial short liquidations and positive reactions to U.S. employment data, underscores a dynamic and evolving crypto market landscape. ETF inflows and altcoin performance further reflect growing investor confidence amid macroeconomic shifts. While technical analysis points to potential continued gains, maintaining vigilance around key support and resistance levels remains essential for market participants navigating this volatile environment.
Source: https://en.coinotag.com/bitcoin-briefly-surpasses-110000-amid-101-million-short-liquidations-market-faces-key-resistance-levels/