Bitcoin Reclaims $80,000 as Treasury's Bond Buyback Gamble Ignites Volatility
Bitcoin's price rebounded to reclaim $80,000 on Thursday, breaking through a key resistance level that had held since Tuesday's monthly high. The cryptocurrency rose gradually from under $77,900 to just above $79,000 before hitting an intraday peak of $80,808.
The selling pressure briefly dragged the price back below the threshold, but buyers pushed it upward starting around 4 a.m. EST. Bitcoin tapped $80,500 before breaching that level to reach its daily high during a second leg up.
As of 12:12 p.m. EST, the cryptocurrency was trading above $80,400, reflecting a 24-hour gain of roughly 3%. Reclaiming $80,000 lifted bitcoin's market capitalization back to $1.61 trillion.
With three days remaining in August, bitcoin appears poised to close the month up more than 20%, a sharp reversal from July's nearly flat price action. The volatility wiped out $105 million in leveraged bitcoin positions over 24 hours, with short positions accounting for the majority of the losses at roughly $80 million.