Bitcoin, Dogecoin Flat, Ethereum Dips Ahead Of US-China Trade Talks: $106,000 An Elevator Toward A New BTC All-Time High, Says Analyst

Leading cryptocurrencies were little changed Sunday ahead of the trade negotiations between officials of U.S. and China in London.

What Happened: Bitcoin spiked above $106,000 in the evening, only to correct to the $105,000 region overnight. 

Ethereum experienced a similar trajectory, bumping an intraday high of $2,547.47 before correcting later in the evening.

Bitcoin enjoyed a 63.7% share of the market as of this writing, while Ethereum's dominance remained above 9%.

About $107 million was liquidated from the cryptocurrency market in the last 24 hours, with nearly equal amounts of longs and shorts wiped out. That said, nearly $350 million worth of bearish bets on Bitcoin risked liquidation if the apex cryptocurrency rallies to $108,000

Bitcoin's Open Interest dipped by 0.50% in the last 24 hours. Interestingly, nearly 60% of Binance traders with open BTC positions were positioned short, anticipating further downsides.

The "Greed" sentiment showed a reading of 62, according to the Crypto Fear & Greed Index, unchanged in the last 24 hours.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.3 trillion, following a modest increase of 0.30% in the last 24 hours. 

Stock futures inched lower overnight Sunday. The Dow Jones Industrial Average Futures fell 47 points, or 0.11%, as of 9:24 p.m. EDT.  Futures tied to the S&P 500 dipped 0.15%, while Nasdaq 100 Futures slid 0.23%.

Get Started

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Get Started

Disclosure: 82% of retail CFD accounts lose money

Investors brace for a big week ahead as officials from the U.S. and China are expected to hold trade talks on Monday. 

The week will also see a slew of inflation-related data, including the consumer price index and the producer price index.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst and trader Rekt Capital noted that Bitcoin has broken its two-week downtrend.

"Now, Bitcoin is trying to challenge the $106,600 resistance (black). Some light rejection here would be normal. But the goal is for Bitcoin to daily close above black for continued bullish bias," the analyst added.

Another widely followed commentator, Michaël van de Poppe, said a pullback to $103,000 could be a "tremendous opportunity" to buy more Bitcoin.

"Above $106,000 is an elevator towards a new ATH and likely $120,000+ in Q3," the analyst projected.

Photo Courtesy: Antonio Gravante On Shutterstock.com

Read Next:    

• JPMorgan To Accept Crypto-Linked ETFs As Loan Collateral