Bitcoin climbed past $80,000 for the first time since mid-May, touching $81,000 earlier today. The move caps a six-day run from last Wednesday, when the price sat just under $65,000—a $16,000 jump that has traders watching the next level. The surge comes as fresh catalysts land: a US Treasury announcement, the White House Crypto Summit, and renewed appetite for spot bitcoin ETFs.
Shorts get cleared
Short sellers have been on the wrong side of the move. In the past four hours, short liquidations topped $260 million. The day's total liquidations reached $650 million, with shorts dominating. Bitcoin alone accounted for roughly half of that—about $325 million—as leveraged traders who bet against the rally got wiped out. That kind of cascade often feeds on itself, pushing the price higher as shorts scramble to cover.
Ethereum, XRP and Solana
Ethereum is trading near $2,500, up 32% over the past week, but it's hit strong resistance at that level. XRP is fighting to reclaim $1.50, a price it hasn't held for long. Solana jumped more than 7.5% and moved back above $100 for the first time in months. The altcoin rally is broad, but bitcoin remains the engine.
The Treasury and the Summit
The move isn't just noise. A US Treasury announcement set a more accommodating tone for digital assets, and the White House Crypto Summit gave the industry a seat at the table. Meanwhile, renewed interest in spot ETFs is bringing money back in, giving institutions a straightforward way to get exposure. These three together have turned a quiet summer into a noisy week.
Next target: $88,000
With bitcoin at $81,000, analysts have flagged the next short-term target: up to $88,000. That's a 9% gain from here, and it won't be a straight line. But the liquidation cascade today suggests the momentum is real, at least for the moment. Whether the rally holds depends on the $80,000 line now acting as support. If it does, the run has a clear path. If it doesn't, the same traders who got burned today could find themselves on the other side of a pullback.
