Bitcoin Reclaims $80K as Short Liquidations Soar to $220M

Bitcoin has broken back above $80,000 for the first time since May 15, according to TradingView charts.

This move is significant because it marks a return to a key higher range that Bitcoin failed to hold onto for months. Levels around $80,000 have historically functioned as both a reference for market positioning and a threshold traders watch for continuation signals.

Crypto short liquidations exceeded $220 million over the preceding 24 hours, with CoinGlass data showing this surge in activity as price approached the $80,000 mark. This indicates that higher prices drew in additional leverage-related activity, forcing shorts to cover their positions.

Rekt Capital emphasized that sustaining the breakout is the real challenge, pointing out that Bitcoin must prove it can hold those levels. He noted that Bitcoin has closed the week at the highs and framed the next phase as a 'real test' for whether strength persists.