Key Takeaways Bitcoin nearly touched $80,000 before settling around $79,200 after brief market volatility. Market liquidations topped $396 million as Coinglass reported short positions taking the biggest hit. Bitfinex analysts noted that bitcoin needs strong spot demand to pass $80,000 and reach $86,500. Market Recovery and Bitcoin Price Swings Bitcoin nearly tapped $80,000 on Monday as the cryptocurrency market appeared to recover from a weekend slump, which saw several high-cap altcoins back off from multi-month highs. Market data shows that after briefly dipping below $77,000 two hours before midnight, bitcoin rebounded and largely trended just below $77,500 until around 7:30 …