Bitcoin Surges Over 3% to Touch $80,000, Reaching More Than 3-Month High

TradingKey - Bitcoin price rose over 3% today, briefly touching $80,000 to hit a new high in over three months.

On August 25, Bitcoin (BTC) price launched another rally, surging over 3.4% intraday to briefly touch the $80,000 threshold, hitting a new high since mid-May this year. Currently, Bitcoin price has pulled back slightly, trading at $79,933.

Bitcoin price chart, Source: TradingView

Bitcoin's second surge also dealt a blow to short sellers. Over the past 24 hours, the crypto market saw over $400 million in liquidations, with long positions accounting for more than $200 million and Bitcoin short liquidations reaching $160 million—a noticeable drop compared to BTC's single-day liquidations exceeding $1 billion last week.

Crypto market liquidation data, Source: CoinGlass

As a strong psychological and technical resistance level, $80,000 had previously accumulated a large volume of short derivative positions. A decisive breakout above this range by BTC would trigger a chain reaction of forced liquidations, further pushing short-term bullish momentum. Overhead resistance lies at $88,000–$90,000, the 1.618 Fibonacci extension level, while key support sits at $75,000–$76,000, a level retested last Friday. Going forward, if BTC pulls back to this area again, the overall trend will remain healthy as long as it does not break below.