Bitcoin’s 24-hour jump to $110,500 is fueled by a technical breakout, bullish derivatives, and optimism about U.S.-China trade talks.

A technical breakout from a 3-week consolidation triggered algorithmic buying.

$391M short liquidations added to the upside momentum.

Institutional ETF inflows ($386M June 10) and macro optimism boosted sentiment.

Here’s the scoop:

1. The main reason

Bitcoin soared past $110,500 on June 10 after breaking a 19-day consolidation range (May 23–June 9). The three-inside-up candlestick pattern at $100K signaled bullish continuation. This triggered algorithmic traders and momentum funds to enter, confirmed by a 35% spike in 24-hour volume to $57.4B.

2. What’s going on?

The rally coincides with:

- Bullish RSI divergence: Rising price with RSI14 at 63.65 (neutral-bullish zone)

- Golden cross: 50-day SMA ($101,950) above 200-day SMA ($95,358) since June 6

- Fibonacci target: $115,107 (127.2% extension) now in play if $113K breaks

Perpetual futures funding rates remain moderate (0.0016% mean), avoiding the extreme leverage seen in prior cycles.

3. How things are playing out

Short squeeze: $391M short positions liquidated in 24 hours, the highest since May 23

ETF momentum: U.S. spot Bitcoin ETFs saw $386M inflows June 10, with BlackRock’s IBIT holding 660K BTC

Macro tailwind: Resumed U.S.-China trade negotiations eased inflation fears, with Fed rate cut odds rising to 67% for September

Conclusion

Bitcoin’s breakout combines technical forces, institutional accumulation, and improving macro liquidity. While the $113K–$115K zone poses resistance, stable funding rates and ETF demand suggest room for continuation.

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