Bitcoin (BTC) surpassed the $80,000 threshold following Monday's Wall Street open, marking its first time reaching that level since mid-May. The bullish momentum built upon a price rally from the previous week, sending the cryptocurrency up 3% on the day before it experienced a pullback following the European close.
The upward price movement resulted in a significant uptick in crypto short liquidations. Data from CoinGlass indicated that total short liquidations crossed $220 million over a 24-hour period. Additionally, a band of bid liquidity centered around $76,700 was identified as potential support in the event of a downward price reversal.
Analysts Assess Sustainability
Despite the milestone, market analysis warns that Bitcoin must sustain higher levels to challenge the broader bear-market thesis. Bitcoin recorded a 25% gain month-to-date, marking its strongest August performance since 2017.
Trader and analyst Rekt Capital noted on social media that Bitcoin successfully closed the week at the highs, but faces a critical test. According to the commentary, if the movement represents a bear market relief rally, a pullback could materialize as early as this week or over the coming weeks.
Rekt Capital previously highlighted the 50-week exponential moving average, which sits at $77,251, following Bitcoin's first weekly close above the indicator since November 2025. The analysis noted parallels to the 2022 bear market, during which BTC achieved two weekly closes above that specific trend line before declining to cycle lows.
