Bitcoin Tops $80K First Time Since May, Shorts Wiped Out

Bitcoin pushed through the $80,000 threshold for the first time since May, triggering a cascade of forced short covering. Over $220 million in short positions were liquidated across major exchanges within 24 hours, accelerating the upside move as leveraged bears were squeezed out of the market.

Despite the psychological milestone, analysts caution that sustaining levels above $80K is critical before the broader bear-market thesis can be dismissed. Thin order books above this zone mean price discovery could turn volatile in either direction as new liquidity enters.

The next few sessions will be telling — a clean hold above $80,000 with rising spot volume would confirm bulls have regained control, while a swift rejection could reignite downside pressure toward prior support bands.