BTC Experiences 'Skepticism-Driven Surge' With Analysts Eyeing $84K Price Level
BTC climbs to its highest point in 13 weeks, surpassing $80,600, with market experts projecting a potential near-term advance to $84,000.
According to market experts, Bitcoin (BTC) has positioned itself for "upward momentum" following its surge beyond the $80,000 threshold during Monday's early Asian market session.
Key takeaways:
- BTC climbs to a 13-week peak of $80,610 on Monday as the cryptocurrency market experiences $462 million in forced liquidations.
- The CME gap positioned at $84,000 may serve as a price "magnet" for BTC.
BTC spearheads cryptocurrency market's May surge
According to data from TradingView, BTC saw daily price appreciation of 1.6%, with the BTC/USD trading pair climbing to $80,610, marking its highest level since Jan. 31.
At the time of publication, Ether (ETH), which holds the position as the leading altcoin by market cap, was changing hands at $2,367, representing a 2% increase across the preceding 24-hour period. Meanwhile, XRP (XRP), occupying the fourth position in market rankings, has recorded gains approaching 2% during the past day, trading slightly above the $1.41 mark.
Among the top 10 cryptocurrencies by market capitalization, Dogecoin (DOGE) registered the strongest performance, climbing 3.5% during the identical timeframe.
Consequently, the total cryptocurrency market capitalization has increased by 1.6% during the past day, approaching $2.65 trillion as of Monday.
"Bitcoin looks primed for upwards momentum," MN Capital founder Michael van de Poppe said in an X post on Monday.
Van de Poppe further noted that a "breakout above $79K opens the opportunities" for Bitcoin to advance toward the resistance zone between $86,000-88,000, with subsequent targets reaching $90,000.
"It's a disbelief rally" for Bitcoin, crypto analyst Matthew Hyland said in response to Bitcoin's latest push above $80,000, adding:
"The many calling for $60K and below will be the ones flipping bullish late above $90K."
The current Bitcoin rally has been accompanied by substantial short position liquidations throughout the cryptocurrency market, reaching $452 million during the previous 24-hour period, indicating aggressive buying activity from market participants.
Meanwhile, Bitcoin taker buy volume saw "two consecutive large hourly buy-volume spikes on Binance of approximately $1.19 billion and $792 million," CryptoQuant analyst Amr Taha said in a Quicktake note on Monday, adding:
"When this type of volume appears near a major breakout level, it often shows that traders are not waiting for a pullback; instead, they are chasing confirmation as the price moves higher."
Bitcoin bulls set sights on $84,000 price target
According to previous Cointelegraph reporting, sustaining upward momentum for Bitcoin necessitated bulls pushing the price above the $80,000 threshold.
The 5.5% rally Bitcoin experienced over the preceding five-day period enabled the BTC/USD trading pair to recover critical support thresholds, notably the true market mean positioned at $77,500 and the short-term holder cost basis hovering around $78,000.
Market participants have now redirected their attention toward the CME gap located at $84,000, which originated during early February.
Bitcoin is on "its way to close the previous large gap from $84K," trader Daan Crypto Trades said in a Monday post on X, adding:
"Good to mark these levels on your chart as they could act as 'magnets' and local reversal zones if price trades close/into them."
In the meantime, analysis of Bitcoin's 30-day liquidation map indicates that a price movement above $84,000 would catalyze more than $2.85 billion in leveraged short position liquidations spanning all trading exchanges.
