Bitcoin price hits $80K as 24-hour crypto short liquidations pass $220M

As BTC tops $80,000 for the first time since May, price analysis warns that the market still needs to sustain higher levels to challenge the bear-market thesis.

Bitcoin (BTC) passed $80,000 after Monday’s Wall Street open as bulls built on last week’s snap BTC price rally.

Key points:

• Bitcoin hits $80,000 for the first time since mid-May as bullish momentum gathered pace.
• BTC price analysis warns that the market still needs to sustain higher levels to challenge the bear-market thesis.

Bitcoin returns to $80,000 after 100-day hiatus

Data from TradingView showed BTC/USD passing the $80,000 for the first time since May 15, up another 3% on the day before pulling back following the European close.

Source: TradingView

The move spurred an uptick in crypto short liquidations, with these passing $220 million over the 24 hours to the time of writing, per data from CoinGlass. A band of bid liquidity centered on $76,700, potentially offering support in the event of a downward BTC price reversal.

BTC liquidation heatmap. Source: CoinGlass

Analyst: BTC rebound must prove staying power

Bitcoin was up 25% month-to-date, seeing its best August performance since 2017 and increasingly diverging from bear-market norms. Earlier, Cointelegraph reported on concerns among some traders that bearish history could still repeat, with downside reemerging from September onward to spark a final capitulation to new macro lows.