Bitcoin surpassed the $80,000 milestone on Monday following Wall Street’s open, marking the first time the asset has traded at that level since May 15. The rally coincided with $220 million in crypto short liquidations over 24 hours, according to CoinTelegraph.
The price movement represented a 3% gain on the day before a pullback emerged following the European close. Bitcoin has posted a 25% month-to-date gain heading into the final week of August, delivering its strongest August performance since 2017.
Rekt Capital, a trader and analyst, flagged the technical significance of the move. “Bitcoin has Weekly Closed at the highs. Now starts the real test,” Rekt Capital said. The comment underscores the importance of sustaining the $80,000 level rather than treating it as a temporary spike.
Technical Levels and Historical Context
The $80,000 break comes after a 100-day hiatus since Bitcoin last traded at that price. The 50-week exponential moving average sits at $77,251, a level Bitcoin had not closed above on a weekly basis since November 2025.
During Bitcoin’s 2022 bear market, the asset achieved two weekly closes above the 50-week exponential moving average before dropping to cycle lows. That precedent has prompted caution among some traders about whether the current rally can sustain higher levels.
Bid liquidity support sits at $76,700, providing a floor if the rally falters. Rekt Capital warned that the sustainability of the move remains uncertain. “If this is a Bear Market Relief Rally, then Bitcoin could pullback as early as this week, or at least over the next few weeks. Now it’s all about Bitcoin proving sustained strength,” the analyst said.
