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Bitcoin Rebounds as $319M in Shorts Are Liquidated While Traders Eye U.S.-China Talks

Bitcoin surged past $112,000 and traded near $114,500 after a sharp short squeeze, with CoinGlass showing $393.74 million of liquidations in 24 hours—about $319.18 million from shorts. Heavy volume accompanied a technical breakout that sent intraday activity roughly 318% above average, and traders are eyeing the $115,000–$116,000 area for confirmation. The move comes as markets digest U.S.–China consultations and a potential Trump–Xi meeting on Oct. 30, along with an upcoming FOMC decision, underscoring how geopolitics and policy risk are amplifying crypto volatility. The combination of forced short-covering and macro headlines could sustain upside momentum or trigger sharp reversals around key levels.