Bitcoin Blasts Past $80K Amidst Crypto Short Liquidation Surge
Bitcoin's price has surpassed $80,000 for the first time since mid-May, reaching new heights after Monday's Wall Street open.
This surge in value comes as a result of bullish momentum that built on last week's rally, with Bitcoin up 25% month-to-date and seeing its best August performance since 2017.
Data from TradingView shows that the $BTC/USD price passed $80,000 for the first time since May 15, but pulled back after the European close.
The sudden increase in value has led to a significant uptick in crypto short liquidations, with over $220 million in liquidations occurring over the past 24 hours, according to CoinGlass data.
An analyst warned that Bitcoin must prove its staying power, stating 'If this is a Bear Market Relief Rally, then Bitcoin could pullback as early as this week, or at least over the next few weeks. Now it's all about Bitcoin proving sustained strength.'