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Bitcoin Breaks Above $80,000: Will the Rally Continue?
Bitcoin, the leading cryptocurrency, broke through a major psychological resistance level over the weekend, surpassing the $80,000 mark. Over the past 24 hours, the asset gained approximately 2.6%, reaching $80,150, with the broader market showing upward momentum.
Ethereum rose 3.6% to $2,382, while XRP increased by 2% to $1.41.
Analysts point out that this move represents a significant technical breakout. Nick Ruck, director at LVRG Research, noted that breaking above $80,000 signals the return of short-term bullish momentum. Dominic John from Zeus Research added that the rally was largely driven by a “short squeeze,” caused by the liquidation of short positions.
Market volatility is also closely linked to geopolitical developments between the United States and Iran. President Donald Trump announced the “Project Freedom” initiative aimed at assisting stranded commercial vessels in the Strait of Hormuz. Iranian officials, however, warned that such actions could disrupt the ceasefire.
At the same time, institutional interest continues to grow. In the U.S., spot Bitcoin ETFs have recorded net inflows for five consecutive weeks, reaching $153.8 million last week.
Experts say this trend strengthens Bitcoin’s role as a strategic asset within investment portfolios.
Analysts also emphasize that upcoming U.S. macroeconomic data (particularly labor market reports) and developments in U.S.-Iran negotiations will be critical in determining the market’s next direction.
