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Bitcoin(BTC) recorded its strongest weekly percentage gain since 2023 and its largest weekly dollar advance ever, breaking a 10-month downtrend as price approached $79,000.
Key Points:
- Bitcoin rose 23.58% last week, adding a record $14,833.
- Price reclaimed the 200-day moving average near $69,000 and broke the $74,000 to $76,000 resistance band.
- Funding reached a 2026 high, but open interest remains below January and May peaks.
Bitcoin Breakout
Bitcoin rose 23.58% last week, adding $14,833, BeInCrypto reported, while the weekly candle broke descending resistance extending from the Oct. 2025 record high of $126,195. The asset trades near $79,000, up 1.8% over 24 hours.
The rally began from the $63,000 to $66,000 support zone before price pushed through the $74,000 to $76,000 band, which may now function as support. Weekly volume increased alongside the move, while the BBWP volatility indicator expanded from an extreme low to near-maximum levels. That volatility signal does not predict direction.
On the daily chart, Bitcoin reclaimed its 200-day moving average near $69,000, a level that had capped advances throughout the downtrend since last October.
Daily RSI reached 82, its highest reading since 2024, although the previous two comparable momentum surges produced further extension rather than an immediate reversal. Resistance now sits near $82,215, followed by the $85,000 to $87,000 zone.
Glassnode Derivatives
Derivatives data show more aggressive bullish positioning. About $2.7 billion in shorts were liquidated on Aug. 19 as the U.S. Treasury doubled long-dated bond buybacks, while Glassnode data showed perpetual funding reaching its highest level of 2026 during the squeeze.
Positive funding means traders now pay to remain long, reversing the setup seen during April’s move toward $79,000, when funding remained negative.
The shift suggests positioning has turned decisively bullish, though leverage has not yet returned to earlier 2026 extremes.
CoinGlass puts exchange open interest near $57.5 billion, up from about $46.5 billion before the breakout but below January’s $65.3 billion peak and May’s roughly $64 billion high. Both earlier peaks preceded sharp corrections, making another move toward $64 billion a potential sign of crowded leverage. Bitcoin remains about 38% below its October 2025 record, and a weekly hold above $74,000 keeps the breakout intact while losing that level puts $63,000 to $66,000 back in focus.
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Source: yellow.com