Bitcoin Smashes $80K as $260M in Shorts Get Wiped Out: Here Are the Next Targets

Bitcoin’s price revival that began last Wednesday culminated, at least for now, a few hours ago when the asset soared past $80,000 for the first time since mid-May and tapped a multi-month peak above $81,000.

Analysts were quick to pick up the move and outline the next short-term targets of up to $88,000. BTC’s surge also led to an increase in liquidated short positions as the total value exceeded $260 million in the past 4 hours.

On a daily scale, the liquidations are up to $650 million, with the lion’s share coming from shorts again. Bitcoin is responsible for half of that amount, according to data from CoinGlass.

Thus, the primary cryptocurrency gained over $16,000 from its starting point of under $65,000 last Wednesday to just over $81,000 earlier today.

Some of the reasons behind this major resurgence include the US Treasury Department’s announcement from last week, the Crypto Summit in the White House, renewed ETF appetite, and Jim Cramer. Oh, wait, the last one might be a joke.

Some altcoins have followed BTC on the way up today, including ETH, which has neared $2,500 once again. Although the asset has soared by 32% in the past week, the $2,500 barrier appears too strong at the moment. XRP, on the other hand, fights for the $1.50 resistance.

SOL has surged the most from the larger-cap alts today, pumping by over 7.5%. It now trades above $100 for the first time in months as well.