Bitcoin tops $80,000 for the first time since May

Bitcoin broke back above $80,000 on Monday for the first time since May. The price climbed as traders who had bet against Bitcoin got squeezed. They were forced to buy back in as the price rose against them. More than $220 million in short positions were wiped out across crypto in just 24 hours. It's the latest leg of a rally that's added more than 20% to Bitcoin's price in three days. That's the best three-day run since 2023.

This isn't Bitcoin's first trip above $80,000 this year. It reached that level briefly back in the spring, then pulled back. What's different now is the speed of this move. Traders point to shifting macro expectations fueling the rush back into risk assets like Bitcoin. Whether that reasoning holds up is the real test.

Keep reading — what to watch

Is this rally different, or just another short squeeze that fades once the forced buying stops? Bitcoin's had plenty of both this year. How much of this week's gain survives once the squeeze is over should be the clearest signal yet.