Bitcoin’s price surged past the key $80,000 resistance level today for the first time since January, igniting optimism for a renewed rally. The broader cryptocurrency market also increased, with total market capitalization reaching $2.74 trillion. On-chain analysis from CryptoQuant suggests recent price gains may be speculative, while elevated liquidations of $357 million accompanied the move.
Bitcoin’s price moved past the major psychological resistance of $80,000 today. This marks the first time it has done so since January.
The move coincided with a rise in the wider cryptocurrency market. Altcoins also traded positively over the past 24 hours.
The sector’s total capitalization is now $2.74 trillion. According to data from CoinGecko, Bitcoin’s market dominance stands at 58.6%.
Liquidations were elevated at approximately $357 million. This figure represents an increase of around 100% over 24 hours.
Some analysts caution that the bull run may not be structural. CryptoQuant provided insights into the drivers of April’s price action.
The firm stated, “The divergence between rising price and contracting spot demand is one of the clearest on-chain signals that price gains are speculative rather than structural.” It confirmed the absence of fundamental demand support during April’s surge.
The sustainability of the move above $80,000 remains a key question. The price increase may also be related to anticipated weekly buying activity from an entity referred to as Strategy.
