Bitcoin price slips back below $110,000 after brief recovery.

Bitcoin fell below $110,000 after a brief recovery attempt, driven by concerns over US-China trade tensions and a downward trend since its record high in early October. The cryptocurrency had risen modestly in the previous session, but reversed those gains, highlighting the ongoing volatility in the market.

Bitcoin (BTC) has shown signs of recovery, rebounding above the $110,000 mark after a brief dip to $103,660 last week. This upward move comes as macroeconomic pressures have eased over the weekend. Some analysts believe that the cryptocurrency may have found its bottom, with potential for further upside, according to a CoinMarketCap report.

The recent price action indicates a shift in sentiment, with Bitcoin gaining 3.1% over the past 24 hours and reclaiming the $110,000 level. This move has also lifted the broader crypto market, pushing the total market capitalization back above $3.8 trillion, the CoinMarketCap report added.

Meanwhile, SpaceX has moved a significant amount of Bitcoin, indicating continued institutional interest in the cryptocurrency. A SpaceX-associated wallet transferred 2,495 BTC worth approximately $268 million to new addresses, marking the first major transaction by the company in three months, according to a CryptoBriefing report. This move comes amid broader market uncertainty, including US-China trade tensions and global macroeconomic concerns.

Despite the recent recovery, Bitcoin remains volatile, and the market is still grappling with uncertainty. The cryptocurrency has been affected by global macroeconomic pressures and risk-off sentiment, leading to a downward trend since its record high in early October. However, the latest rebound suggests that investors are cautiously optimistic about the future prospects of Bitcoin.