Bitcoin price has achieved a historic milestone, surging past the $80,000 mark for the first time. The rally began after BTC found solid support near the $78,000 level, sparking a fresh increase that broke through key resistance levels at $78,500 and $78,800. Bulls then pushed the price decisively above the $80,000 psychological barrier, reaching a high of $80,336 on Kraken.
This explosive move triggered a wave of liquidations across the crypto market. Within a single hour, more than $116 million in crypto positions were liquidated, with the vast majority—$114 million—coming from short positions. This forced exit of bearish traders underscores the strength of the current bullish momentum and suggests that many market participants were caught off guard by the rapid price appreciation.
After briefly spiking above $80,000, Bitcoin faced resistance near the $80,250–$80,500 zone and entered a consolidation phase. The price is now trading above $79,200 and the 100-hour simple moving average, with a bullish trend line forming at $79,000 support on the hourly chart. The 23.6% Fibonacci retracement level of the move from the $74,940 swing low to the $80,336 high is currently providing technical support.
Analysts note that the ability to hold above the $79,000–$79,200 zone is critical for the continuation of the uptrend. If BTC remains stable above this support, it could attempt a fresh challenge of the $80,500 resistance. A close above that level would open the door for further gains toward $81,200, $82,000, and even the $82,500 resistance. A successful reclaim of the $80,000 zone also increases the probability of Bitcoin filling the important $84,000 CME futures gap.
On the downside, should Bitcoin fail to clear the $80,500 resistance, a pullback could occur. The first major support sits at $79,000, followed by $78,250 and the $77,650 level (the 50% Fibonacci retracement). A deeper decline could see BTC testing the $77,000 support, with the main support at $76,000. The hourly MACD is gaining pace in bullish territory, and the Relative Strength Index (RSI) remains above 50, suggesting continued buying pressure.
