Bitcoin breaks $80,000 on short squeeze and strong institutional buying, eyeing $96K next.

Bitcoin surged past $80,000 on May 4, 2026, driven by a massive short squeeze and heavy institutional buying, particularly from U.S. spot bitcoin ETFs. This breakout ended weeks of price consolidation and liquidated over $150 million in short positions within an hour. Institutional demand, absorbing over 500% of daily mined bitcoin, signals a potential rise toward $96,000. The $80,000 level now acts as support, with further gains possible if bulls hold, especially as short sellers remain heavily positioned around $85,000. Upcoming earnings from Strategy (formerly Microstrategy) may influence market sentiment further.