Bitcoin Price Today Holds Above $77,000 After Its Strongest Weekly Rally Since 2023

Key Takeaways

• Bitcoin traded near $77,700 on Monday after gaining more than 20% during its strongest week since March 2023.
• BTC briefly exceeded $79,000 as Treasury bond buybacks, regulatory optimism and spot ETF inflows attracted buyers.
• US spot Bitcoin ETFs recorded approximately $1.6 billion of net inflows from Monday through Thursday.
• The rally forced hundreds of millions of dollars in Bitcoin short positions to close, accelerating the price increase.
• Holding the $75,000–$76,000 area could keep the $80,000 level within reach, although elevated leverage creates pullback risk.

Bitcoin remained above $77,000 on Monday after delivering its strongest weekly performance in more than three years, supported by institutional inflows, improving US regulatory expectations and a major short squeeze.

BTC was trading at approximately $77,700 during early trading on August 24, little changed from the previous session. The cryptocurrency traded between roughly $75,680 and $78,030 over the weekend after reaching a three-month high above $79,300 on Friday.

Bitcoin gained more than 20% over the previous week, with estimates ranging between 22% and 24% depending on the exchange and weekly closing time used. The move was its strongest since March 2023 and lifted the asset approximately 30% above its March 2026 low.

The breakout also ended a prolonged period in which Bitcoin repeatedly failed to move decisively above the $65,000 area. Historical price data showed BTC rising 7.1% on August 19, 5.3% on August 20 and another 7.3% on August 21.

Treasury Bond Buybacks Triggered the Initial Breakout

One of the first catalysts came from the US Treasury Department, which announced that it would at least double the size of its liquidity-support buybacks for longer-dated government debt.

The maximum size of operations covering securities with maturities between 10 and 30 years will increase from $2 billion to at least $4 billion, beginning September 9. The announcement initially pushed long-term Treasury yields lower and weakened the US dollar.

Bitcoin, gold and other assets perceived as alternatives to government-issued currencies subsequently moved higher. Some investors interpreted the Treasury’s decision as evidence of rising concern about liquidity in the US bond market and the sustainability of a national debt burden that has exceeded $40 trillion.

However, the buybacks do not constitute quantitative easing. The Treasury will be repurchasing older, less-liquid securities as part of its debt-management operations rather than creating new central-bank reserves. The initial price response therefore reflected changes in market expectations and positioning more than a direct injection of liquidity.

Bitcoin’s ability to maintain its gains will partly depend on whether investors continue treating the policy as supportive for scarce assets or begin viewing it as a temporary bond-market measure.

Spot Bitcoin ETFs Attract $1.6 Billion

Institutional demand provided stronger confirmation of the rally.

US spot Bitcoin exchange-traded funds attracted approximately $1.6 billion in net inflows between Monday and Thursday. The funds took in about $606 million on Thursday alone, their largest daily total since May, according to ETF flow data reported by The Wall Street Journal.

BlackRock’s IBIT accounted for a substantial share of those inflows. Demand also extended to Ether funds, suggesting that the recovery was not limited to Bitcoin.

ETF inflows matter because they represent spot-market demand rather than leveraged derivatives exposure. If inflows continue after Bitcoin’s initial breakout, they could help absorb profit-taking from investors who purchased BTC near the March lows.

The rally also lifted cryptocurrency-related equities. Coinbase gained more than 9% during Friday’s session, while Strategy advanced about 8%. Robinhood and several Bitcoin-mining companies also benefited as investors increased their exposure to the digital-asset market.

Trump’s Crypto Push Improves Regulatory Sentiment

Political developments in Washington supplied another catalyst.

President Donald Trump urged Congress to advance the CLARITY Act following a White House meeting with cryptocurrency industry executives. The legislation is intended to establish clearer federal oversight of digital assets and define the responsibilities of US regulatory agencies.

The House previously approved the proposal, but it remains stalled in the Senate. A procedural vote expected in September could determine whether the legislation advances before the US midterm elections.

The market viewed Trump’s intervention as a sign that the administration is prepared to prioritize crypto regulation. Greater legal clarity could make traditional financial institutions more comfortable offering custody, trading and tokenization services.

Nevertheless, supportive political statements do not guarantee that the legislation will pass. Disagreements remain over investor protections, stablecoin oversight and the division of authority between the Securities and Exchange Commission and Commodity Futures Trading Commission.

Short Liquidations Amplified Bitcoin’s Rally

The speed of the move was also influenced by derivatives positioning.

Weeks of range-bound trading below $65,000 had encouraged traders to build short positions. Once Bitcoin broke through that ceiling, exchanges automatically closed leveraged bearish positions, creating forced market purchases.

Approximately $709 million in Bitcoin shorts were liquidated during one 24-hour period as BTC approached $79,000. Estimates for total crypto-market liquidations were considerably higher because the rally extended to Ether, Solana, XRP and other assets.

This mechanism created a feedback loop: rising prices triggered liquidations, forced purchases pushed prices higher and the additional advance closed more short positions.

Short covering can produce sharp gains, but it does not guarantee a lasting uptrend. Once bearish leverage has been removed, the market requires continuing spot purchases and ETF demand to support higher prices.

Can Bitcoin Break Above $80,000?

The $79,000–$80,000 region is now Bitcoin’s most immediate resistance area. BTC briefly traded above $79,300 on Friday but failed to establish a sustained move above that level.

A decisive break through $80,000 could reinforce the bullish structure and attract momentum traders. However, Bitcoin remains more than 38% below its 52-week high of approximately $126,000, leaving substantial overhead supply from investors who bought at higher prices.

On the downside, the $75,000–$76,000 area represents the first important support zone. A break below it could expose $72,000, followed by the former breakout region around $69,000–$70,000.

This week’s Nvidia earnings and Federal Reserve Chair Kevin Warsh’s Jackson Hole address could also influence Bitcoin through changes in the dollar, Treasury yields and overall risk appetite.

Bitcoin’s latest rally has stronger support than a purely speculative price spike because it combines ETF inflows, political catalysts and renewed demand for alternative assets. However, maintaining the move above $77,000 will require buyers to continue participating after the short squeeze fades.