Bitcoin Price Breaks $79K as $4B Short Squeeze Fuels Rally
Key Insights
- Bitcoin (BTC) price crossed $79,000 as forced short liquidations accelerated.
- BTC cleared prior resistance while on-chain supply remained thin overhead.
- CryptoQuant’s Bull Score returned to bullish territory above 60.
Bitcoin price broke above $79,000 on August 21 after extending a four-day recovery. CoinMarketCap data showed Bitcoin later traded near $77,000, with a slight pullback from its daily high.
The breakout pushed BTC through several resistance levels established during its previous decline. It also forced leveraged bearish traders to exit positions as spot demand improved.
Bitcoin Price Rises as Shorts Unwind
CoinMarketCap showed the BTC price near $77,000 on Aug. 21. BTC price gained roughly 7% over 24 hours, with trading volume exceeding $70 billion.
Historical CoinMarketCap data placed Bitcoin near $62,819 on Aug. 16, while subsequently trading above $69,000 on Aug. 19 before extending the advance.
The move represented a sharp reversal after several weeks of weak market structure. Bull Theory said Bitcoin had gained about $14,000 from roughly $62,700 during the rebound.
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