The price of Bitcoin, the leading cryptocurrency, surged to an intraday high of $81,019, according to CoinGecko data.
The leading cryptocurrency is down 35.7% from the all-time high of $126,080 that was achieved in early October.
According to CoinGecko data, roughly $226 million worth of shorts has been liquidated over the past 24 hours.
All eyes on $82,000
According to Jeff Park, an advisor at investment firm Bitwise, the match will be lit once the leading cryptocurrency breaks above the $82,000 level.
So far, the bulls are struggling to break above this pivotal resistance level.
In the meantime, there is a decent chance that Bitcoin will never trade below the $60,000 level again, with the 200-week moving average rising above the aforementioned level for the first time.
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