In the last 24 hours, Bitcoin (BTC) has repeatedly broken above the emotional level of $ 80,000, after leaving it in January. The burning question in the market now is whether this is indicative of a bullish trend or simply false.
How Bitcoin reached $80K
The $80K gain was triggered by a short squeeze. According to the crypto market data and analytics platform CoinGlassthe lowest trading volume was $199.32 million in the last 24 hours,
Another factor that has contributed is the interest of the organizations involved in the high price. This was confirmed by the $629.8 million position the Bitcoin ETF entered on May 1st and $603.14 million on May 4th.
In addition, Strive recently acquired 444 BTC, bringing its wealth to 15,000 BTC and making it the 9th largest Bitcoin company in the world. Meanwhile, Strategy announced a temporary halt in its Bitcoin purchases to remain compliant with regulations ahead of its May 5 Q1 2026 report.
As prices rose above $80K, the 2-3 year group of BTC, or those who acquired the crypto ETF before its launch, increased their profits. According to the technology platform Glassnode, the group hacked $209 million / hour, and received a profit of 60%-100%.
Source: Glass node
What BTC needs to confirm the entrance of the bull market
However, Bitcoin is still doubtful about saving $80K. Multiple closes above this level can cause a temporary squeeze, lead to $84,000-$85,500.
Another sign of a bullish trend would be BTC making a high while its strength index (RSI) is at a low. Currently, the RSI is reading 65.
In addition, the 24 hours of Bitcoin trading increased to $ 56.51 billion on May 4, from $ 16.76 billion on May 2. Although it shows a short-term growth, these transactions remain lower than those recorded during the previous break. Sustained growth may require a large scale, demonstrating organizational sensitivity and the unsustainable absorption of many resources.
For the interest rate to remain unchanged, prices must be above the $72,352 100-day moving average. Defensive areas would be between $73,000 – $75,000, while a break below this would suggest that the rally was a bull trap.
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