$BTC Bitcoin soared above the $110,000 mark late Monday for the first time in nearly two weeks, buoyed by optimism surrounding renewed trade discussions between the United States and China.

The price jump also triggered a wave of short liquidations as the rally gained momentum.

The world’s largest cryptocurrency by market capitalization recently traded at around $110,286, marking a 3.6% gain over the past 24 hours. Bitcoin is now up nearly 5% over the last seven days, rebounding from a dip below $101,000 on June 5—a pullback that capped a broader decline dating back to late May.

With BTC now nearing its all-time high of $111,814 set in May, market watchers are taking note.

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