Bitcoin’s (BTC) price has risen above $80,000 U.S. for the first time since January of this year.
The largest cryptocurrency by market capitalization gained 2.1% to reach $80,594 U.S. on May 4, its highest level since Jan. 31.
With the latest leg higher, Bitcoin has successfully broken through a key resistance level that analysts say is key for the digital asset to eventually rally back above $100,000 U.S.
Bitcoin and other crypto such as Ethereum (ETH) and Solana (SOL) have gotten a boost to start the trading week as tensions escalate between the U.S. and Iran.
The price of BTC is now up 20% since the start of the U.S.-Israeli war on Iran that began on Feb. 28 of this year.
However, cryptocurrencies have been volatile lately, particularly as crude oil prices have swung higher and lower and remained above $100 U.S. per barrel.
Still, crypto bulls have been waiting for Bitcoin to break above $80,000 U.S. for several weeks.
The digital asset has been range bound between $60,000 U.S. and $80,000 U.S. since February of this year.
BTC had reached a record high of just above $126,000 U.S. last October before a months-long decline that dragged its price as low as $60,000 U.S. in early February.
The cryptocurrency has gradually recovered in recent months, driven largely by rising institutional demand.
Spot Bitcoin exchange-traded funds (ETFs) saw $630 million U.S. of net inflows on May 1, according to data from Bloomberg Markets.
Several analysts say that the $80,000 U.S. level has been a psychological barrier for the entire digital-asset market in recent weeks.
A decisive break above the $80,000 U.S. threshold provides further positive momentum not only for Bitcoin by the entire crypto market, say bullish analysts.
