Bitcoin in ‘disbelief rally’ as traders spot $84K BTC price target

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