- Bitcoin has broken above $80,000, reaching above $81,000 as its recovery from last week’s lows accelerates.
- The rally triggered more than $260 million in short liquidations, while traders now watch the $88,000 target.
Bitcoin price has climbed above $80,000 for the first time since May, extending its sharp recovery from last week’s lows. The move pushed BTC above $81,000 and triggered more than $260 million in short liquidations within four hours.
Bitcoin started its latest rally below $65,000 last Wednesday. Since then, BTC has gained more than $16,000 as buying pressure returned to the market.
Bitcoin Price Breaks Above $80K
Bitcoin finally cleared the $80,000 level after several attempts. The move took BTC above $81,000, marking its highest level in several months.
The rally has also created heavy losses for traders betting on further declines. More than $260 million in short positions were liquidated over a four-hour period.
Daily liquidations have reached about $650 million across the crypto market. Bitcoin accounts for roughly half of that total, with short positions making up most of the losses. The sharp rise shows how quickly bearish positions can unwind when Bitcoin breaks major resistance levels.
What Is Driving the Bitcoin Rally?
Several factors have supported Bitcoin’s recovery over the past week.
The US Treasury Department made an announcement last week that helped improve sentiment around crypto. The White House Crypto Summit also added to investor attention.
At the same time, demand for Bitcoin exchange-traded funds has picked up again. Recent ETF inflows have helped strengthen buying pressure after a period of weaker institutional demand.
Bitcoin’s move above $80,000 also comes as traders reassess the market’s short-term outlook. Some analysts now see room for BTC to climb toward $88,000 if the rally continues.
Ethereum, XRP and Solana Also Rise
Bitcoin has also lifted several major altcoins. Ethereum has approached $2,500 again after gaining about 32% over the past week. However, the $2,500 level remains a major hurdle for ETH.
XRP is also attempting to break through the $1.50 resistance level. A sustained move above that area could give traders a new upside target. Solana has posted an even stronger daily move among major altcoins. SOL has gained more than 7.5% and moved above $100 for the first time in months.
For Bitcoin, the focus now shifts to whether BTC can hold above $80,000 and extend its recovery toward the $88,000 target.
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