Bitcoin Posts Steady Gains in “Peaceful Rally,” Nearing Record Highs
Bitcoin (BTC) quietly accelerated its climb on Monday, marking its strongest performance so far in June as it rebounded from last week’s dip and approached near all-time highs.
The largest cryptocurrency gained 3.7% over the past 24 hours, surging past $110,000 and trading just 2% below its record peak reached in May. Ethereum (ETH) kept pace with a 3.8% rise, pushing above $2,620. Among other large-cap tokens, Hyperliquid and SUI outperformed with respective gains of 7% and 4.5%.
The rally caught leveraged traders off guard, triggering over $110 million in short position liquidations within an hour, according to CoinGlass. Across the crypto market, more than $330 million in shorts were liquidated throughout the day — the highest in a month. These short positions bet on falling prices and suffered losses as Bitcoin rallied.
Traditional markets remained largely flat, with the S&P 500 and Nasdaq indices showing little movement. Meanwhile, crypto-related stocks rebounded to align more closely with Bitcoin’s weekend recovery.
Cubic Analytics founder Caleb Franzen described the rally as “peaceful,” highlighting the steady formation of higher highs and higher lows. “Any time there’s a sign of weakness, buyers quickly step in to defend the uptrend,” he noted.
Following Bitcoin’s 10% pullback to near $100,000 and over $1.9 billion in crypto derivatives liquidations last week that removed excess leverage, the market now stands on firmer ground, according to Bitfinex analysts. They caution, however, that on-chain data shows increasing sell pressure from long-term holders that could challenge demand.
“Bitcoin is at a crossroads — caught between structural support and fading bullish momentum, awaiting the next macroeconomic signal,” the Bitfinex report said.
Looking ahead, Jake O, an OTC trader at Wintermute, pointed to key upcoming events: “U.S. and Chinese trade representatives are scheduled to meet today, and markets will likely react to any news following last week’s positive momentum. The data calendar remains light until Wednesday’s Consumer Price Index release, which will provide fresh insight on U.S. inflation.”
