Bitcoin Price Drives Toward $80K as Economist Warns of 'Massive QE'
Bitcoin rebounded to an August high of $79,989 after briefly dipping below $77,000, recovering from a weekend market slump. Key TakeawaysBitcoin nearly touched $80,000 before settling around $79,200 after brief market volatility.Market liquidations topped $396 million as Coinglass reported short positions taking the biggest hit.Bitfinex analysts noted that bitcoin needs strong spot demand to pass $80,000 and reach $86,500. Market Recovery and Bitcoin Price Swings Bitcoin nearly tapped $80,000 on Monday as the cryptocurrency market appeared to recover from a weekend slump, which saw several high-cap altcoins back off from multi-month highs. Market data shows that after briefly dipping below $77,000 two hours before midnight, bitcoin rebounded and largely trended just below $77,500 until around 7:30 a.m. EST. Shortly afterwards, bitcoin‘s price echoed last week’s bull run by spiking to just under $79,200 before a quick sell-off pulled it back to $78,200. A secondary surge pushed prices higher, reclaiming $79,000 and reaching a new August peak bitcoin price of $79,989. However, a second wave of profit-taking quickly dragged the cryptocurrency back to $79,200. Despite this, the bitcoin price action during the 24-hour period, left it with daily gains of approximately 3% and pushed its market capitalization to $1.59 trillion. The latest gains also brought