Leading cryptocurrencies extended gains on Sunday evening as the U.S. announced progress in trade talks with China.

What Happened: Bitcoin rose 1.28% in the last 24 hours to $105,000.8, narrowly missing the key psychological level of $105,000. Tether (CRYPTO: USDT) remained the largest stablecoin by market cap, trading at nearly $1.0.

Bitcoin's market dominance decreased slightly to 62%, while Ethereum's market share increased to 9%.

The cryptocurrency market saw massive liquidations in the last 24 hours, with over $333 million liquidated. Among them, bullish leveraged bets liquidated totaled $216 million.

Furthermore, about $720 million in Bitcoin shorts were at risk of liquidation if the apex cryptocurrency price touched its all-time high of $109,000 again.

Bitcoin's Open Interest increased by 1.81% in the last 24 hours, despite over 60% of Binance traders with an open BTC position being short.

The Crypto Fear and Greed Index remained "Greedy," indicating a potential surge in buying pressure.

Top Gainers (24-Hours)

The global cryptocurrency market cap now stands at $3.34 trillion, following a 0.60% decrease in the last 24 hours.

What Next: Stock futures traded higher on Sunday night as the U.S. announced progress in trade talks with China. The Dow Jones Industrial Average futures rose by 436 points, or 1.06%, and S&P 500 futures climbed by 1.34%. Meanwhile, Nasdaq 100 futures gained by 1.76%.

The rally came after President Donald Trump said "great progress" was made during the high-level trade talks between the U.S. and China in Geneva, signaling a "total reset."

The White House also announced progress on the trade deal in a post on X.

This week, investors will be keeping an eye on the consumer price index reading for April to gauge the impact of trade tensions on the economy and inflation.

Stocks closed higher on Wednesday. The Dow Jones Industrial Average opened lower but rebounded to close with a gain of 254.48 points, or 0.62%, at 41,368.45. The S&P 500 also rose by 0.58%, reaching 5,663.94, while the tech-heavy Nasdaq Composite closed with a gain of 1.07%, finishing the session at 17,928.14.

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Analyst Notes: Cryptocurrency analyst and trader Rekt Capital highlighted the $104,500 level for Bitcoin, mentioning that a weekly close above this point could set the stage for a "price discovery uptrend."

Another widely followed trader, Roman, observed Ethereum's weekly growth chart, highlighting a "solid recovery" in the cryptocurrency's price.

"Would like to see a bit more continuation before a pullback. Will consider opening up alt spot positions once again if this occurs," Roman added in a separate post.

Photo Courtesy: Yalcin Sonat on Shutterstock.com

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