Bitcoin Soars Past $80K, Crypto Shorts Suffer $220M Liquidation

Bitcoin's price reached $80,000 for the first time since mid-May on Monday, fueled by bullish momentum that saw it up 25% month-to-date. This surge in price pushed the number of crypto short liquidations to over $220 million within a 24-hour period, according to data from CoinGlass.

The move above $80,000 was met with cautionary warnings from analysts, who pointed out that the market still needs to sustain higher levels to challenge the bear-market thesis. Rekt Capital noted that if this is a bear market relief rally, Bitcoin could pull back as early as this week or in the next few weeks.

The 50-week exponential moving average, currently at $77,251, was eyed by Rekt Capital as a key price level to watch. During the 2022 bear market, BTCUSD achieved two weekly closes above this trend line before dropping to cycle lows.