Bitcoin Smashes Through $80K Barrier, Wipes Out $260M in Shorts

Bitcoin (BTC) has broken through the $80,000 barrier for the first time since mid-May, reaching a multi-month peak above $81,000. This surge marks the culmination of a price revival that began last Wednesday.

The move has led to significant liquidations in short positions, with over $260 million in shorts getting wiped out in just four hours. On a daily scale, the total value of liquidated positions exceeds $650 million, with half of this amount coming from Bitcoin (BTC).

Analysts believe that the next short-term targets for BTC could be as high as $88,000. The reasons behind the major resurgence of Bitcoin's price include recent announcements from the US Treasury Department and the Crypto Summit in the White House.

Some altcoins have also followed BTC on its upward trajectory, with Ethereum (ETH) nearing $2,500 once again and SOL surging by over 7.5% to trade above $100 for the first time in months.