Bitcoin surged past $80,000 for the first time since mid-May, reaching above $81,000 earlier today. The rally, which began last Wednesday from under $65,000, triggered over $650 million in daily liquidations, mostly from short positions, with Bitcoin accounting for half that amount. Analysts have set short-term targets of up to $88,000. Altcoins also gained, with Ethereum nearing $2,500, XRP challenging $1.50, and Solana climbing above $100 for the first time in months.
Bitcoin’s price revival that began last Wednesday culminated earlier this morning when the asset soared past $80,000 for the first time since mid-May and tapped a multi-month peak above $81,000. Analysts were quick to pick up the move and outlined the next short-term targets of up to $88,000.
BTC’s surge led to an increase in liquidated short positions, with the total value exceeding $260 million in the past four hours. On a daily scale, liquidations reached $650 million, with the lion’s share coming from shorts, and Bitcoin responsible for half of that amount, according to data from CoinGlass.
The primary cryptocurrency gained over $16,000 from its starting point of under $65,000 last Wednesday to just over $81,000 earlier today. Some reasons cited for this resurgence include the US Treasury Department’s announcement from last week, the Crypto Summit in the White House, and renewed ETF appetite.
Several altcoins followed BTC on the way up today, including ETH, which neared $2,500 once again. Although the asset has soared by 32% in the past week, the $2,500 barrier appears too strong at the moment. XRP, on the other hand, fights for the $1.50 resistance.
SOL has surged the most from the larger-cap alts today, pumping by over 7.5%. It now trades above $100 for the first time in months as well.
