Bitcoin price reaches eighty thousand dollars during cryptocurrency rally

Bitcoin passed $80,000 on Tuesday for the first time in more than three months. The price briefly reached $80,760, continuing a rally that started the previous week. Over those three days, bitcoin gained more than 20%. It has now risen in eight of the last nine trading sessions.

Investors have been putting more money into bitcoin ETFs, which are funds that track the price of bitcoin. A weaker US dollar has also pushed people toward cryptocurrencies. When the dollar loses value, some investors prefer digital assets.

The sharp rise forced many traders to close their short positions, meaning bets that the price would fall. This caused over $400 million in losses across the crypto market in just 24 hours.