Bitcoin surged past the $110,000 mark on Monday, signaling a renewed wave of optimism in the cryptocurrency market after weeks of sideways movement. The rally brought BTC within striking distance of its all-time high, last recorded at approximately $112,000 in May.
The leading digital asset gained over 3.5% in the past 24 hours and nearly 5% over the last week, rebounding from a recent dip below $101,000 on June 5. Market analysts point to improving investor sentiment amid ongoing trade discussions between the United States and China, which may ease macroeconomic tensions and support risk assets like crypto.
Adding fuel to the rally, Strategy, a company known for its aggressive Bitcoin accumulation, disclosed on Monday that it had acquired an additional 1,045 BTC at an average price of $105,426 per coin, totaling approximately $110.2 million. The purchase was revealed in a filing with the U.S. Securities and Exchange Commission (SEC), just days after Strategy co-founder and executive chairman Michael Saylor hinted at the move on June 8.
This marks the ninth consecutive week that Strategy has increased its Bitcoin holdings, which now total 582,000 BTC, acquired for roughly $40.8 billion at an average cost of $70,086 per coin. The acquisition underscores institutional confidence in Bitcoin’s long-term value, particularly as the asset flirts with record price levels.
“This move above $110K suggests Bitcoin is regaining bullish momentum after a period of consolidation,” said Joe DiPasquale, CEO of crypto investment firm BitBull Capital. “If this level holds, it could open the door for a push toward $120,000.”
Altcoins also participated in the upswing. Ethereum rose to around $2,640, a 4.5% increase, while Solana advanced 3% to approach the $160 mark. Meme coins, which have faced recent headwinds, saw notable recoveries: Dogecoin climbed 4.5% and Shiba Inu rose by 2.5%.
The broader rally coincides with $323 million in crypto short positions being liquidated over the past 24 hours, according to data from CoinGlass. Bitcoin accounted for $196 million of that figure—fueling the rapid price spike as traders were forced to buy back into the market.
Meanwhile, institutional flows show a split sentiment. While spot Bitcoin ETFs have faced outflows on five of the past seven sessions, Ethereum-based ETFs have seen consistent positive inflows for 15 consecutive days, showing growing investor interest in alternative layer-one platforms.
A report from 10X Research highlighted a shift in market dynamics, noting that negative funding rates, increased spot demand, and technical indicators pointing to recent market bottoms may be aligning for a potential breakout.
With Bitcoin now less than 2% away from its peak, and companies like Strategy doubling down on their holdings, the market appears to be entering a new phase of bullish conviction, one that could redefine the asset’s next price ceiling.
