Market analysts say Bitcoin (BTC) is “primed for upward momentum” after rallying past $80,000 during early Asian trading, reaching a 13-week high of $80,610.
Key takeaways:
– Bitcoin hit $80,610 amid roughly $452 million in crypto short liquidations.
– The CME gap at $84,000 could act as a “magnet” for BTC and trigger further liquidations.
Bitcoin led a fresh May rally, with TradingView data showing BTC/USD up about 1.6% on the day and trading as high as $80,610 for the first time since Jan. 31. Ether (ETH) traded near $2,367 (+2%), XRP around $1.41 (+~2%), and Dogecoin (DOGE) rose roughly 3.5%, helping global crypto market capitalization climb toward $2.65 trillion.
MN Capital founder Michael van de Poppe said a breakout above $79,000 opens opportunities toward the $86,000–$88,000 resistance zone and later $90,000. Analyst Matthew Hyland called the move “a disbelief rally,” noting many who expected sub-$60K would flip bullish above $90K.
Bitcoin’s recent rally included significant short liquidations across the market, totaling several hundred million over 24 hours, and concentrated taker buy volume on Binance. CryptoQuant analyst Amr Taha reported two consecutive large hourly taker buy spikes on Binance of roughly $1.19 billion and $792 million, suggesting traders were chasing confirmation rather than waiting for a pullback.
Over the last five days BTC’s 5.5% gain helped reclaim key support levels, including the true market mean at $77,500 and the short-term holder cost basis near $78,000. Traders are now watching the CME futures gap at $84,000—formed in early February—which can act as a magnet and local reversal zone. Daan Crypto Trades advised marking these levels, warning they could draw price action and induce reversals.
CoinGlass’s 30-day liquidation map shows a break above $84,000 could trigger over $2.85 billion in leveraged short liquidations across exchanges, potentially amplifying upward momentum if bulls sustain the move.
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