Bitcoin price briefly moved towards $80,000 on Monday, marking its first move above the psychological level since May as bullish momentum continued to strengthen across the crypto market.

The move extended Bitcoin’s powerful August recovery, with BTC now up roughly 25% for the month. However, analysts warn that Bitcoin needs to sustain higher levels before the latest breakout can definitively challenge the broader bearish market structure.

The move towards $80,000 also triggered another wave of short liquidations, with more than $220 million in crypto short positions wiped out over 24 hours, according to CoinGlass data.

Bitcoin Returns to $80K After Three Months

Bitcoin climbed to $80,000 after the U.S. stock market opened on Monday,…