Bitcoin Breaks Through $80,000, Sets Sights on $100,000

Bitcoin's price surged past $80,000 on Tuesday, August 25, reaching an intraday high of $81,237.94 before trading at $80,323.24 in Asian hours.

The move marked a significant breakthrough for the cryptocurrency, which had been struggling to break through its 200-day exponential moving average.

According to a technical analysis by Tony Sycamore, a market analyst at IG, a sustained break above $84,400 would open the door for a move towards $95,000-$100,000.

The current price is still below the broader orange supply zone on the chart, which runs from approximately $81,500 to $84,400.