Bitcoin Tests $80,000 Level as IREN Beats Sales Targets

Bitcoin traded near $80,000 on Thursday as institutional demand and momentum buying pushed the cryptocurrency to fresh highs.

The rally lifted digital asset equities across global markets, led by data center operator IREN, which topped consensus revenue projections in its latest financial reporting.

Mining revenue and market momentum

Data center operator IREN reported sales above analyst estimates, driven by expanded power capacity and improved fleet efficiency across its facilities. Higher realized prices per coin lifted margins across commercial mining operations, offsetting rising global network difficulty.

Trading desks across Singapore and Hong Kong reported steady buy orders from institutional funds throughout the session. Liquidations of short positions accelerated the advance once the asset broke past key resistance levels.

Institutional demand in Asian trading hours

Regional crypto exchanges recorded elevated turnover during Asian morning hours, tracking sustained inflows into exchange-traded spot products. The upward momentum created strong tailwinds for hardware suppliers, hosting providers, and infrastructure businesses linked to digital asset networks.

Trading volume across major regional venues remains concentrated on spot books, with institutional desks watching whether capital sustains above the $80,000 mark through the weekly close.