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Bitcoin is holding near its recent highs after reclaiming the $80,500 level, a move that has shifted short-term market structure back into recovery mode following support stabilization near $78,500.

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Bearish cryptocurrency bets have seen a liquidation squeeze during the past day as Bitcoin and other assets have gone through a price surge. Bitcoin Crosses $80,000 For First Time In Months Bitcoin has enjoyed a surge over the past day that took its price to a peak of $80,500, the highest that the cryptocurrency has traded since the end of January, when BTC was retracing that month's recovery rally.

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Data shows institutions are gobbling up Bitcoin supply over five times faster than miners can produce, a sign that has been bullish in the past.

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Bitcoin price started a fresh increase and cleared the $80,500 zone. BTC is consolidating and might aim for more gains above the $81,200 level.