Bitcoin crossed the $80,000 threshold for the first time since mid-May, fueling a bullish move that generated over $220 million in short liquidations within 24 hours. The leading cryptocurrency was up 25% month-to-date, its best August performance since 2017. Analysts warn, however, that the market must sustain these higher levels to challenge the bear-market thesis. A band of bid liquidity is centered around $76,700, potentially offering support in the event of a price reversal. Trader Rekt Capital noted that Bitcoin just achieved its first weekly close above the 50-week exponential moving average since November 2025, currently at $77,251.
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