Bitcoin Soars Past $109K Amid Bullish Market Signals

Bitcoin surged over 3.6% on June 10, hitting an intraday high of $110,532, as a mix of global economic factors and technical indicators fueled bullish momentum.

Let’s break down the key drivers behind BTC’s sudden rise.

🌍 US-China Trade Talks Spark Risk Appetite

Markets cheered renewed negotiations between the U.S. and China in London, aimed at easing tariffs. Optimism around de-escalation has led to risk-on sentiment, pushing capital into high-volatility assets like Bitcoin.

Historically, positive trade deals between the two nations have spurred BTC price jumps, as seen during May’s 90-day agreement.

Traders are also betting that a positive trade outcome could counteract inflation fears, lowering the likelihood of future Fed rate hikes. According to the FedWatch tool, there’s a 99.9% chance rates stay unchanged on June 18.

📈 Futures Market Shows Rising Confidence

A major contributor to the price rally is the increase in open interest (OI) for Bitcoin futures:

Total OI hit a 2-week high of $77 billion, an 8% jump in just 24 hours.
CME Futures OI surged to 151,915 BTC, valued at $16.6 billion.
Derivatives trading volume jumped 112% to $114.3 billion.

This surge reflects increased leverage and bullish sentiment—investors are placing big bets on further upside.

More than $195 million in short positions were liquidated, compared to just $9.3 million in longs, reinforcing the dominance of bulls in today’s market.

📊 Bull Flag Pattern Points to $158K

Technically, Bitcoin broke out of a bull flag pattern on June 8, confirming the move by closing above $105,600.

The bull flag target is around $158,000, a 44% potential increase from current levels.
The Relative Strength Index (RSI) sits at 61—bullish territory with room for growth before becoming overbought.

In addition, a cup-and-handle breakout previously reported by analysts projects a BTC move toward $140,000, adding more fuel to the bullish narrative.