Bitcoin (BTC) climbed above the $80,000 mark on Monday for the first time since January, signaling renewed bullish momentum as analysts point to a potential move toward $84,000 in the near term.

The world’s largest cryptocurrency reached an intraday high of $80,610 during early Asian trading hours, marking a 13-week peak. The rally comes amid approximately $462 million in crypto market liquidations, reflecting strong buying pressure and the unwinding of bearish positions.

Market data indicates that BTC has gained around 1.6% over the past 24 hours, helping push the total global crypto market capitalization up to nearly $2.65 trillion.

Analysts say the latest move confirms a breakout above key resistance levels. Michael van de Poppe, founder of MN Capital, noted that a sustained move above $79,000 could open the path toward the $86,000–$88,000 range, with further upside potentially reaching $90,000.

Meanwhile, crypto analyst Matthew Hyland described the rally as a “disbelief rally,” suggesting that many previously bearish traders may turn bullish if prices continue climbing.

Other major cryptocurrencies also posted gains. Ethereum (ETH) rose around 2% to trade near $2,367, while XRP edged up nearly 2% to hover above $1.41. Dogecoin (DOGE) led gains among top tokens, climbing approximately 3.5%.

Analysts highlight the Chicago Mercantile Exchange (CME) futures gap near $84,000 as a key short-term target. Such gaps are often viewed by traders as “magnets” that prices tend to revisit.

Recent data also showed significant buying activity, including large spikes in taker buy volume on Binance, indicating that traders are aggressively entering positions rather than waiting for pullbacks.

If Bitcoin breaks above the $84,000 level, liquidation data suggests more than $2.8 billion in leveraged short positions could be wiped out, potentially accelerating the upward move.

With momentum building, traders are closely watching whether BTC can sustain its breakout and push toward new highs in the coming days.