Bitcoin (BTC-USD) is moving fast after jumping over $80,000 on Monday for the first time since January. Following this surge, the price reached a new daily high of $81,300 on Tuesday. Some experts call this a “disbelief rally”. They use this name because many traders expected the price to stay low. Instead, the sudden move caught them by surprise and caused $462 million in trading positions to close suddenly.
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Bitcoin Bulls Create a Price Surge
The market is showing a lot of upward momentum as it breaks through old barriers. After the price reached $80,610, analysts noticed that traders were not waiting for the price to drop before buying more. Instead, they were chasing confirmation as the price climbed higher.
This heavy buying activity helped the total value of all cryptocurrencies reach $2.65 trillion. Other digital coins like Ethereum (ETH-USD) and Dogecoin (DOGE-USD) also saw gains as they followed the lead of the world’s largest cryptocurrency.
Long-Term BTC Holders Fuel a $26 Billion Buying Spree
Large investors who keep their coins for a long time are buying more than ever. Over the last 30 days, these holders added 331,000 coins to their collections. At current prices, that is worth about $26.7 billion.
This shows that big players have strong faith in the future of the coin. Furthermore, professional investment funds called ETFs have seen $1.18 billion in new money over just three days. These funds are now buying five times more coins than the amount being created by miners each day.
Markets Target a $95,000 BTC Price
Traders are now looking at even higher price goals. There is a specific gap in the market data at $84,000 that often acts like a magnet for the price. Some analysts believe the price is currently on a “liquidity hunt” as it looks for more sellers at these higher levels.
If the price can stay above $82,000, technical charts suggest it could rise toward $94,800. This would represent an 18% increase from its current position.
At the time of writing, Bitcoin’s price is sitting at $81,285.48.
