Altcoins With Double-Digit Gains as Bitcoin Rocketed to 3-Month High: Market Watch
Bitcoin hits $80,500, altcoins like ETH and XRP also rise significantly.
CryptoPotato1 min read
Bitcoin Might Never Trade Below $60K Again
TL;DR
Bitcoin's 200-week moving average has surpassed $60,000, indicating it may never trade below this level again. A breakout above $80,000 has led to significant short liquidations, totaling over $357 million in the last 24 hours.
Key points
- Bitcoin's 200-week moving average has passed $60,000
- Bitcoin recently broke above $80,000
- Total liquidations reached $357.34 million
- Over 100,741 traders were liquidated
- A surge above $87,000 may trigger bullish sentiment
Bitcoin’s 200-week moving average has passed $60,000, which means that the leading cryptocurrency might never trade below this level again.
#bitcoin 200wma passes $60k pic.twitter.com/bG1z8SDWpZ
— Adam Back (@adam3us) May 4, 2026 Concurrently, a powerful breakout above $80,000 has triggered a massive wave of short liquidations. Earlier today, BTC reached an intraday high of $80,631, reaching the highest level since Jan. 31.
The importance of the 200 WMA
The 200 WMA is widely regarded as Bitcoin’s ultimate macro support level. Historically, Bitcoin rarely dips below its 200 WMA. This has happened several times only during extreme bear market capitulation events. The 200 WMA crossing the $60,000 threshold fundamentally shifts the baseline of the asset. The metric is a lagging indicator that smooths out short-term volatility.
The $80,000 breakout
Bitcoin experienced a sudden breakout earlier today, with bears pushing the price of the leading cryptocurrency past the $80,000 psychological barrier. The sudden surge to a 94-day high caught the derivatives market completely off guard.
#btc finally back into the 80K range after a multi-month dip.😎 pic.twitter.com/TYlHpQ9cGD
— dave the wave🌊🌓 (@davthewave) May 4, 2026 According to recent data from CoinGlass, the sudden upside volatility resulted in massive wipeouts for over-leveraged traders. Total liquidations have reached $357.34 million over the past 24 hours. Notably, a whopping 100,741 individual traders were liquidated. Of the $357.34 million in total liquidations, a staggering $305.04 million were short positions, compared to just $52.30 million in longs. The largest single liquidation order occurred on Binance for an ETH-USDT swap, valued at an incredible $11.77 million. According to DonAlt, a popular pseudonymous cryptocurrency trader, market participants will once the price of the leading cryptocurrency surges above the key $87,000 level.
Q&A
What does it mean that Bitcoin's 200-week moving average is above $60,000?
It suggests that Bitcoin may not trade below this level again, marking a significant shift in its price support.
How much in total liquidations occurred during Bitcoin's recent price surge?
Total liquidations reached $357.34 million, with over 100,741 individual traders affected.
What price level could trigger a bullish sentiment for Bitcoin according to traders?
Traders believe that a surge above $87,000 could lead to full-blown bullish sentiment in the market.
