BTC Price Surges Past $80K as Bear Market Thesis Faces Challenge
Bitcoin's price has surged past $80,000 for the first time since May, as bullish momentum continues to build. According to data from TradingView, BTC/USD passed $80,000 on Monday after the Wall Street open.
The move comes after a 100-day hiatus from this level and marks Bitcoin's best August performance since 2017. The price increase has also led to an uptick in crypto short liquidations, with over $220 million worth of shorts being closed out over the past 24 hours, according to CoinGlass.
Analyst Rekt Capital notes that while this rebound is promising, it's still too early to tell if Bitcoin will sustain its strength. 'Bitcoin has Weekly Closed at the highs,' Rekt Capital wrote on X. 'Now starts the real test.' If this rally is a Bear Market Relief Rally, then Bitcoin could pull back as early as this week or over the next few weeks.
Rekt Capital also pointed out that Bitcoin's price needs to sustain higher levels to challenge the bear-market thesis. The 50-week exponential moving average is currently at $77,251, and during Bitcoin's 2022 bear market, BTC/USD achieved two weekly closes above this trend line before dropping to cycle lows.