Bitcoin climbed past $80,000 in early Asian trading, hitting a 13-week high of $80,610 and prompting renewed bullish commentary from market analysts. Traders flagged the move as the start of a fresh May rally and a potential run toward higher resistance levels.
Key points:
– Bitcoin reached $80,610 amid roughly $452 million in crypto short liquidations.
– The CME futures gap at $84,000 is seen as a potential magnet that could draw price action and trigger further liquidations.
TradingView data showed BTC/USD up about 1.6% on the day, trading at its highest level since Jan. 31. The broader market participated: Ether traded near $2,367 (+2%), XRP around $1.41 (+~2%), and Dogecoin rose roughly 3.5%, helping global crypto market capitalization climb toward $2.65 trillion.
Analysts interpreted the breakout as meaningful. MN Capital founder Michael van de Poppe said clearing $79,000 opens targets in the $86,000–$88,000 resistance zone and could extend toward $90,000. Matthew Hyland described the move as a “disbelief rally,” noting that many who expected sub-$60K prices may flip bullish if BTC moves above $90K.
The rally coincided with significant short liquidations across exchanges, totaling several hundred million dollars over 24 hours and concentrated taker buy volume on Binance. CryptoQuant analyst Amr Taha highlighted two consecutive large hourly taker buy spikes on Binance—approximately $1.19 billion and $792 million—signaling aggressive buying rather than patient dip accumulation.
Over the past five days BTC has gained about 5.5%, reclaiming 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; market participants often view such gaps as zones that can attract price and act as local reversal points. Crypto commentator Daan Crypto Trades advised market watchers to mark the gap and nearby levels, warning they could both draw price and become areas for reversals.
Data from CoinGlass’s 30-day liquidation map suggests a break above $84,000 could force more than $2.85 billion of leveraged short liquidations across exchanges, potentially amplifying upward momentum if bulls can sustain the advance.
This report is for informational purposes only and does not constitute investment advice. Trading carries risk—readers should conduct their own research and consider their risk tolerance before making financial decisions.