Bitcoin price hits $80,000 all-time high in massive weekend crypto rally

Exactly one year ago, Bitcoin investors saw a glimmer of hope as the top cryptocurrency began to climb out of a prolonged bear market, finally breaking back above $38,000 in November 2023.

After a year marked by renewed investor interest and potential regulatory shifts, Bitcoin hit a new milestone, soaring over 120% to touch $80,000 for the first time.

Many traders betting on a pullback were caught off guard as Bitcoin quickly ran from $76,000 to $79,500 early Sunday, leading to $435 million in liquidations across the market.

Spot Bitcoin ETFs have been key to Bitcoin’s rally this year, pulling in nearly $26 billion in cumulative inflows.

But with US-based ETFs closed for weekend trading, crypto Twitter personalities are already teasing the FOMO that Wall Street investors are in for come Monday’s open.

Now, all eyes are on Bitcoin to see if it continues its climb into price discovery mode or faces a pullback.

MicroStrategy’s executive chairman, Michael Saylor, seems to be betting on more upside, hinting that he may be considering adding more Bitcoin to the company’s reserves.

The company is now over $10 billion in profit since it began its Bitcoin buying spree in 2020.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.