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Bitcoin Surges 4% to $110,000 on Trade Talks and Whale Activity

Coin WorldMonday, Jun 9, 2025 6:46 pm ET

1min read

Bitcoin's price surged above $110,000, marking a significant milestone in its recent performance. This surge was driven by a combination of factors, including positive developments in U.S.-China trade talks and bullish market sentiment. The price jump came as U.S. officials, including the President, indicated a willingness to relax tech export restrictions in exchange for greater access to China’s rare earth materials. This diplomatic thaw contributed to an overall positive sentiment among risk traders, with U.S. equities also responding positively to the news.

The rally in Bitcoin's price was further bolstered by a newly created whale wallet that opened a $54.5 million long position on Bitcoin at $106,538 with 20x leverage. This bold move by the whale, identified as “0x1f25,” added to the market momentum, with the trader currently sitting on over $11,000 in paper profit. Some traders speculate that the whale behind this wallet could be James Wynn, a high-profile trader known for his aggressive leveraged trades.

Analysts have noted that Bitcoin's recent price action mirrors breakout patterns seen in gold and the S&P 500. According to analyst Ted Pillows, Bitcoin may retest its record high of around $110,000 and could even cross above it in the coming 1-2 weeks. This optimistic outlook is supported by the fact that Bitcoin has found solid support near $100,000 and is showing bullish candlestick formations, albeit with gradually increasing volume.

However, the sustainability of Bitcoin's price above $110,000 remains a topic of debate. Some analysts anticipate that Bitcoin could rally to $150,000 by year’s end, but caution that recession fears and macroeconomic challenges could cap its gains. The upcoming CPI report on June 11 could serve as a catalyst for Bitcoin's price to surge further, potentially pushing it above $109,000 to $110,000. Despite these uncertainties, the current market sentiment and technical indicators suggest that Bitcoin is poised for further gains in the near term.

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