Bitcoin Blasts Past $80K as Short Liquidations Hit $220M

Bitcoin surged past $80,000 on August 24th for the first time since mid-May as bullish momentum gathered pace. The move sparked a surge in crypto short liquidations, with these passing $220 million over the 24 hours to the time of writing.

According to TradingView data, BTC/USD passed $80,000 after Monday's Wall Street open, up another 3% on the day before pulling back following the European close. A band of bid liquidity centered on $76,700, potentially offering support in the event of a downward price reversal.

Rekt Capital, a trader and analyst, noted that 'Bitcoin has Weekly Closed at the highs. Now starts the real test.' He warned that if this is a bear market relief rally, Bitcoin could pullback as early as this week or at least over the next few weeks, requiring sustained strength to challenge the bear-market thesis.

BTC was up 25% month-to-date, seeing its best August performance since 2017 and increasingly diverging from bear-market norms. The move has some traders concerned that a final capitulation to new macro lows could still occur in September.