The price of Bitcoin, the leading cryptocurrency, surged to an intraday high of $81,019, according to CoinGecko data.Â
The leading cryptocurrency is down 35.7% from the all-time high of $126,080 that was achieved in early October.Â
According to CoinGecko data, roughly $226 million worth of shorts have been liquidated over the past 24 hours.
Crypto Regulation 2026: Did China Ban Bitcoin?
Largest Swiss Bank Loads Up on Strategy (MSTR)
All eyes on $82,000
According to Jeff Park, an advisor at investment firm Bitwise, the match will be lit once the leading cryptocurrency breaks above the $82,000 level.Â
So far, the bulls are struggling to break above this pivotal resistance level.Â
In the meantime, there is a decent chance that Bitcoin will never trade below the $60,000 level again, with the 200-week moving average rising above the aforementioned level for the first time.Â
As reported by U.Today, on-chain analyst Willy Woo has identified the $80,000 mark as the critical test level for Bitcoin’s next major upward leg.
Capital flows into the flagship cryptocurrency have flipped positive for the first time since January. This shows that liquidity is repairing following a catastrophic deleveraging event late last year.
On top of that, for the first time in 2026, Bitcoin’s market cap dominance (BTC.D) broke past the 60% threshold in late April. The inability of other crypto assets to match Bitcoin’s strength recently prompted analysts to question the viability of the broader altcoin sector.Â
It remains to be seen whether the bulls will manage to find a footing above the make-it-or-break-it $80,000 level in the near future.