Bitcoin price today hits $79,000 as short squeeze fuels biggest rally since 2023

Markets are chasing a violent short squeeze as traders rush to reposition. Bitcoin price today sits at $79,002.41, just under the $80,000 line that has dominated headlines. The move is less about steady accumulation and more about forced unwinds.

Key takeaways

• Bitcoin trades at $79,002.41 on August 26, 2026, just below the $80,000 level.
• Daily RSI14 reads 80.55, which is deep in overbought territory.
• Fortune reports that traders positioned for bitcoin to stay below $67,000 were squeezed out after a Treasury buyback.
• Fear & Greed Index sits at 65, while Bitcoin dominance is 59.25% of a roughly $2.665 trillion market.
• Daily pivot support sits at $78,459.07, with R1 resistance at $79,398.67.

What Is Driving the Rally: Trend Strength vs. Overextension

The rally is driven by a short squeeze combined with building ETF demand, but the daily chart is now deeply overbought. The round number has dominated headlines all week. However, the mechanics matter more than the number itself. Bloomberg reported BTC touching a three-month high of $80,000 as momentum returns, and CNBC flagged the biggest three-day rally since 2023.

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