Bitcoin price hits $80K as 24-hour crypto short liquidations pass $220M

Bitcoin (BTC) passed $80,000 after Monday’s Wall Street open as bulls built on last week’s snap BTC price rally.Key points:Bitcoin hits $80,000 for the first time since mid-May as bullish momentum gathered pace.BTC price analysis warns that the market still needs to sustain higher levels to challenge the bear-market thesis.Bitcoin returns to $80,000 after 100-day hiatusData from TradingView showed passing the $80,000 for the first time since May 15, up another 3% on the day before pulling back following the European close.Source: TradingViewThe move spurred an uptick in crypto short liquidations, with these passing $220 million over the 24 hours to the time of writing, per data from CoinGlass. A band of bid liquidity centered on $76,700, potentially offering support in the event of a downward BTC price reversal.BTC liquidation heatmap. Source: CoinGlassAnalyst: BTC rebound must prove staying powerBitcoin was up 25% month-to-date, seeing its best August performance since 2017 and increasingly diverging from bear-market norms. Earlier, Cointelegraph reported on concerns among some traders that bearish history could still repeat, with downside reemerging from September onward to spark a final capitulation to new macro lows.“Bitcoin has Weekly Closed at the highs. Now starts the real test,” trader and analyst Rekt Capital wrote in his latest market commentary on X.“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.”Rekt Capital had eyed the 50-week exponential moving average in particular, currently at $77,251, as price achieved its first weekly close above it since November 2025. During Bitcoin’s 2022 bear market, achieved two weekly closes above that trend line before dropping to cycle lows.