Bitcoin surged from roughly $63,000 to $75,401 within a 48‑hour period, forming a higher high and higher low as buyers defended the $63,000 area.
Glassnode reported that the move represented a 5.8‑sigma jump against Bitcoin’s 30‑day volatility, the strongest upside move of this magnitude since October 2023.
The rally was partly attributed to a short squeeze, with estimates of $1.4 billion to $1.7 billion in crypto short positions liquidated as Bitcoin and Ethereum advanced.
On‑chain analysis indicated that Bitcoin broke above its yearly downtrend resistance and re‑entered the $70,000 range. Analysts suggested that a sustained close above this structural resistance could signal weakening selling pressure.
Market odds for Bitcoin reaching $80,000 in August rose to 13%, reflecting a required increase of about 14% from the current $71,000 level.
Analyst Pierre Rochard projected that Bitcoin could finish 2026 near $80,000 and potentially exceed $120,000 in the following year, contingent on macroeconomic conditions such as Federal Reserve policy and broader liquidity. He also referenced a longer‑term view of $300,000 by 2030.
Other commentary highlighted limited short‑position resistance before $80,000, marking it as a near‑term target.
