Bitcoin Surges Over 3% to Touch $80,000, Reaching More Than 3-Month High

TradingKey - Bitcoin price rose over 3% today, briefly touching $80,000 to hit a new high in over three months.

On August 25, Bitcoin (BTC) price launched another rally, surging over 3.4% intraday to briefly touch the $80,000 threshold, hitting a new high since mid-May this year. Currently, Bitcoin price has pulled back slightly, trading at $79,933.

Bitcoin price chart, Source: TradingView

Bitcoin's second surge also dealt a blow to short sellers. Over the past 24 hours, the crypto market saw over $400 million in liquidations, with long positions accounting for more than $200 million and Bitcoin short liquidations reaching $160 million—a noticeable drop compared to BTC's single-day liquidations exceeding $1 billion last week.

Crypto market liquidation data, Source: CoinGlass

As a strong psychological and technical resistance level, $80,000 had previously accumulated a large volume of short derivative positions. A decisive breakout above this range by BTC would trigger a chain reaction of forced liquidations, further pushing short-term bullish momentum. Overhead resistance lies at $88,000–$90,000, the 1.618 Fibonacci extension level, while key support sits at $75,000–$76,000, a level retested last Friday. Going forward, if BTC pulls back to this area again, the overall trend will remain healthy as long as it does not break below.

Currently, the market is broadly optimistic about Bitcoin's outlook. Among them, BitMEX exchange founder Arthur Hayes said in an interview on August 24, "Bitcoin is expected to see a parabolic rally soon, with BTC prices surging to hundreds of thousands of dollars very quickly."

According to a Cointelegraph report on August 21, Standard Chartered struck a bullish stance in its latest report. Geoff Kendrick, its global head of digital assets research, stated that Bitcoin's recovery could accelerate after October 6, with potential to march toward an all-time high of $126,000 by year-end.