Key Takeaways:
Bitcoin hit $80,039, breaking above key resistance for the first time in weeks. Capriole data shows institutions absorbing 500%+ of daily mined BTC, pointing to a $96K target. With 62.8% of Binance BTC futures still short, a sustained hold could squeeze prices toward $85K. A Heavily Shorted Market Finally BreaksThe breakout ended weeks of consolidation between $75,000 and $79,500, a range where short sellers had been aggressively building positions in anticipation of a downside resolution.
The $80,000 level now becomes the first line of support, and a sustained hold gives bulls a credible path toward $85,000, where a further cluster of short positions still awaits.
