The cryptocurrency market opened the week with strong momentum as Bitcoin surged in the Asian session, climbing to $80,610—its highest level in nearly 13 weeks. This rapid rise has fueled renewed optimism among market participants about a potential new bull run.
Bitcoin trades near historic highs
Bitcoin’s price jumped 1.6 percent during the day, reaching $80,610, a level last seen at the end of January. The price rally drove significant trading volumes, resulting in liquidations exceeding $462 million across the crypto market—primarily from leveraged positions. Analysts say holding above $79,000 could pave the way for a move toward $84,000, where a CME futures “gap” is expected to close. Bitcoin’s 5.5 percent gain over the past five days also firmly reclaimed support levels at $77,500 and $78,000.
Michael van de Poppe, founder of MN Capital, commented on social media that Bitcoin appears ready for further gains. He stated that breaking above $79,000 could push the price into the $86,000–88,000 range, and possibly up to $90,000.
Altcoins and market-wide activity
The uptick in Bitcoin’s price reverberated across major altcoins. Ethereum, the largest altcoin by market cap, rose 2 percent to trade at $2,367. Over the last 24 hours, XRP gained 2 percent, climbing above $1.41. Dogecoin stood out as the day’s top performer among the top 10 cryptocurrencies, surging by 3.5 percent.
Globally, the total cryptocurrency market value increased by 1.6 percent to approach $2.65 trillion. This broad-based growth reflects the positive sentiment sparked by Bitcoin’s rally. According to CryptoAppsy data, Bitcoin hit its intraday peak at $80,610.
Crypto analyst Matthew Hyland described Bitcoin’s move above $80,000 as a “disbelief rally,” signaling lingering skepticism about the continuation of the uptrend within the market.
Leveraged trading and the CME gap
Bitcoin’s robust upward move put significant pressure on traders holding short positions. In the past 24 hours, short liquidations totaled $452 million. On Binance, two consecutive hourly buy surges were recorded for Bitcoin, reaching $1.19 billion and $792 million respectively.
Amr Taha, an analyst at CryptoQuant, observed that Binance saw two unusually large consecutive buying waves, which created substantial buying pressure across the market.
A notable gap at $84,000 on the derivatives exchange CME has drawn investor focus. Experts suggest that closing this gap could become a new target for Bitcoin. If BTC climbs above this level, nearly $2.85 billion in leveraged short positions across all exchanges could be forced to close.
Analysts caution that Bitcoin may face heightened volatility in the coming days. Still, the prevailing buying momentum could continue to support bullish sentiment in the short term.
