Bitcoin Surges Past $80,000: Analysts Weigh In on Coming 72-Hour Test
Bitcoin has reached an all-time high of $81,237.94, surpassing its previous peak in mid-May. The world's largest cryptocurrency is currently trading around $79,276 in the UAE. Analysts believe that the coming 72 hours will be crucial in determining whether the rebound extends towards $87,000 or fades back into the mid-$70,000s.
A softer US dollar and Treasury Secretary Scott Bessent's efforts to ease pressure in the bond market have helped reignite buying across crypto markets. Alice Liu, Head of Research at CoinMarketCap, attributed the rally to ETF inflows absorbing close to $2 billion over six consecutive days, as well as another $944 million in spot buying that 'walked straight into stale short positions.'
Liu noted that leveraged positioning was not the root cause of the move, with open interest standing at just 1.2% of Bitcoin's market cap, modest by breakout standards. She highlighted a key technical marker: a daily close above $80,000 on strong volume would confirm the breakout, with support around $76,000.
Vijay Valecha, Chief Investment Officer at Century Financial, struck a more cautious note, attributing the 27% two-week surge to a mix of Bessent's bond-buyback plan and roughly $7.2 billion in forced liquidations of bearish bets. He cautioned that sustained gains will require continued regulatory progress and institutional buying.