Bitcoin Holds $80K Reclaim on May 8 as Support Defends, Eyes $88K Despite Top Warnings

Bitcoin reclaimed and held above $80,000 on May 8 after buyers defended the $78,000-$79,000 support zone amid $289M in liquidations, rising institutional demand, and nearly 100,000 BTC moved to private custody. The rally began May 4 with BTC breaking $80K for the first time since January, surging to $81,300 on May 5 and peaking at $82,400 on May 6 on over $5B spot ETF inflows in the past month—including $1.5B recently—and $300M+ short squeezes. A May 7 dip to $79,960 followed hawkish Fed comments and $207.56M realized profits, but analysts target $88K while cautioning a short-term top near an $89K sell wall.