Bitcoin Defies Pressure Above $79.0K After Nearly 25% August Rally
TL;DR:
- Bitcoin recorded a cumulative gain of nearly 25% throughout the month of August.
- Spot trading volume surpassed $34 billion over the past 24 hours.
- Short position liquidations on major exchanges reached $180 million over the past week.
The cryptocurrency market begins its monthly close as Bitcoin defies pressure above $79,020, consolidating a gain of nearly 25% during August following several sessions of high volatility across major trading venues.
The pioneer crypto by market capitalization defended the range between $78,200 and $78,700 during trading sessions over the past 48 hours. This technical defense coincides with a sustained increase in liquidity across regulated spot platforms.
According to records from the platform CoinGlass, cumulative derivatives liquidations over the week exceeded $180 million in short positions. Industry analysts note that this move forced automatic buybacks on the open market, providing bullish traction to the price against programmed institutional selling.
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