Bitcoins price has taken off in Europes afternoon trading session, pushing above $107,000 at the time of this writing.

The cryptocurrency was trading below $106,000 throughout the morning session but the bulls took control and pushed the price up, liquidating around $60 million worth of short positions in the past four hours alone.

Source: TradingView As CryptoPotato reported on X, this coincided with another whale betting big on BTC on the popular decentralized exchange Hyperliquid. The entity deposited over $5 million in USDC and instantly opened a long position with 20x leverage.

Whale alert: A new wallet just dropped $5.5M in $USDC into HyperLiquid and instantly aped into a $53.6M $BTC long at 20x leverage.

Address: 0x1f25F925

Let the games begin. pic.twitter.com/yLDqGWNBmb

Of course, this probably doesnt have much to do with the recent increase, which is likely connected to renewed expectations of a positive resolution between the US and China on tariffs.

The delegations of both countries have arrived in London and are about to commence talks to stabilize the fragile trade truce, according to Walter Bloomberg on X. The US team is led by Treasury Secretary Scott Bessent, while the Chinese delegation is led by the Vice Premier He Lifeng.