The crypto market has surged significantly over the past 24 hours. Bitcoin (BTC) recorded a sharp increase today, successfully surpassing the US$110,000 level. This jump was largely supported by the market’s positive reaction to ongoing trade negotiations between the United States (US) and China.

According to Coinmarketcap data on Tuesday (June 10, 2025) at 06:30 WIB, the global cryptocurrency market capitalization rose by 4.02%, reaching US$3.43 trillion within 24 hours. Bitcoin (BTC), the largest cryptocurrency by market capitalization, gained 4.02% during the same period. Bitcoin is now priced at US$110,054 per coin, which equals approximately IDR 1.79 billion (based on an exchange rate of IDR 16,300).

Ethereum (ETH) also saw an increase of 6.07%, reaching US$2,664 per coin, while Binance Coin (BNB) rose 1.87% to US$664.

According to CoinDesk, Bitcoin is once again demonstrating strength, climbing to US$110,000 — the highest level so far in June and approaching its all-time high from May. This surge triggered a rally across the crypto market, with Ethereum also recording strong gains.

The spike in Bitcoin’s price led to a wave of large-scale liquidations of short (sell) positions by traders who had been betting on a price decline. CoinGlass reported that over US$110 million worth of short positions were liquidated within just one hour. The total short liquidation across the crypto market that day hit US$330 million, marking the highest level in the past month.

Meanwhile, global stock markets were mostly in the green. Stocks associated with the crypto sector also saw gains, following Bitcoin’s positive momentum since the weekend.

Caleb Franzen, a well-known analyst and founder of Cubic Analytics, described this movement as a "peaceful rally" — a steady and consistent rise without extreme volatility. “Whenever there are signs of weakness, buyers quickly step in and sustain the trend,” he explained.

Crypto Market in a Healthy State

According to a report from Bitfinex analysts, the current state of the crypto market is considered healthier and more stable for a continued rally. After a 10% correction in Bitcoin, which brought it close to US$100,000, and the liquidation of over US$1.9 billion in leveraged positions last week, excessive selling pressure has begun to ease.

However, on-chain data still points to potential selling pressure from long-term holders, which could limit the pace of future demand.

“Bitcoin is now at a critical crossroads, balancing between structural support and weakening bullish momentum, while awaiting the next macroeconomic catalyst,” Bitfinex noted in its report.

Jake O, an analyst from Wintermute, highlighted that the ongoing trade negotiations between US and Chinese representatives could serve as a major trigger for market direction.

“The market is highly sensitive to any updates from the US-China trade talks, while also anticipating the release of the US Consumer Price Index (CPI) data on Wednesday (June 11, 2025),” he said.