Key BTC Price Levels to Watch Next

Market analysts said Bitcoin (BTC) is “primed for upward momentum” after rallying past $80,000 during the early Asian trading hours on Monday. 

Key takeaways:

• Bitcoin price rises to a 13-week high of $80,610 on Monday amid $462 million in crypto liquidations.
• The CME gap at $84,000 could act as a “magnet” for BTC price.

Bitcoin leads market in fresh May rally

Data from TradingView showed 1.6% daily BTC price gains, with BTC/USD rising as high as $80,610 for the first time since Jan. 31.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Ether (ETH), the largest altcoin by market capitalization, was trading at $2,367 at the time of writing, up 2% over the last 24 hours. Fourth-place XRP (XRP) has gained nearly 2% over the last day to trade just above $1.41.

Dogecoin (DOGE) climbed the most among the top 10 cryptocurrencies, up 3.5% over the same period.

Related: BTC price can ‘easily’ hit $95K: Five things to know in Bitcoin this week

As a result, the global crypto market capitalization is up 1.6% over the last day toward $2.65 trillion on Monday.

Performance of top-cap cryptocurrencies: Source: CoinMarketCap

“Bitcoin looks primed for upwards momentum,” MN Capital founder Michael van de Poppe said in an X post on Monday. 

The analyst added that a “breakout above $79K opens the opportunities” toward the $86,000-88,000 resistance zone and later to $90,000.

BTC/USD daily chart. Source: X/Michael van de Poppe

“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.”

Bitcoin’s rally is accompanied by significant short liquidations across the crypto market totaling $452 million over the last 24 hours, signaling intense buying by traders.

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 taker buy volume on Binance. Source: CryptoQuant

BTC bulls target $84,000 next

As Cointelegraph reported, Bitcoin bulls were required to push above $80,000 to sustain the upward momentum.

Bitcoin’s 5.5% rally over the last five days saw the BTC/USD pair reclaim key support levels, including the true market mean at $77,500 and the short-term holder cost basis around $78,000. 

Traders now shifted their focus to the CME gap at $84,000, formed in early February.

BTC/USD four-hour chart. Source: X/AlphaBTC

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.”

Meanwhile, Bitcoin’s 30-day liquidation map reveals that a break above $84,000 would trigger over $2.85 billion worth of leveraged short liquidations across all exchanges.

Bitcoin exchange liquidation map. Source: CoinGlass

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.