The crypto industry is witnessing a dramatic shift as the price of Bitcoin has soared past $103K. The surge in this BTC price has triggered over $900 million in liquidation, boosting the bullish sentiment across the digital asset markets all over the world. According to the data taken from Coinglass, more than $900 million was taken out in the past 24 hours. This is an astonishing 200% increase from the previous day.

Bitcoin short sellers alone account for $321 million in liquidations. On the other hand, open interest across exchanges climbed 5% to $133 billion, indicating a flood of new leveraged bets entering the market.

Bitcoin Soars Past $103k

Bitcoin reached an intraday high of $103K during Asian trading hours and is holding steady. This makes it more than a 6% daily gain and increases the total crypto market cap to $3.3 trillion, which is the highest it has been since March. The increase in Bitcoin’s price has had a positive effect on altcoins as well. Ethereum surged over 20% to reclaim $2,200 for the first time in two months, while Solana and XRP posted respective gains of 8% and 5%.

Market sentiment was lifted by global macro developments, including a potential U.S.-U.K. trade deal hinted at by former President Donald Trump. Additionally, although the Federal Reserve held interest rates steady earlier this week, according to the CME FedWatch tool, there is a 70% chance of a rate cut by July.

On-chain indicators suggest growing investor confidence. According to CryptoQuant analyst Carmelo Alemán, Bitcoin’s Realized Cap (a metric reflecting the total capital invested based on recent prices) hit a record $890.7 billion. “This pattern reflects growing confidence among both Long-Term Holders and Short-Term Holders,” Alemán posted on X.

However, analysts are advising caution to the traders. With the average crypto Relative Strength Index (RSI) climbing to 70, markets are entering overbought territory. Santiment warned that the psychological breach of $100K is attracting retail FOMO, often a sign of local market tops. Adding to the speculation, Real Vision CEO Raoul Pal suggested Bitcoin dominance may have peaked, potentially ushering in the “Banana Zone,” a phase marked by explosive altcoin gains. With momentum accelerating, the crypto market appears primed for its next major move, but not without signs of possible volatility ahead.

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