Bitcoin Books Best Week Since 2023 and Its Largest Dollar Gain Ever
Bitcoin (BTC) rose 23.58% final week, its greatest week since 2023. The transfer added $14,833, the biggest greenback acquire of any week in Bitcoin’s historical past.
BTC trades close to $79,000 on the time of writing, up 1.8% over 24 hours. The weekly candle broke a descending trendline stretching again to the October 2025 document high.
Bitcoin’s Best Week Since 2023 Breaks a 10-Month Downtrend
Structurally, Bitcoin’s value bounced from the $63,000 to $66,000 assist zone. It then cleared the descending resistance line drawn from the document high of $126,195. Price additionally pushed by means of the $74,000-$76,000 band, which ought to now function assist.
Weekly quantity expanded alongside the transfer, although it stayed beneath June’s peak. The BBWP indicator expanded from an excessive low to near-maximum volatility, and it continues to rise. Historically, such squeezes sign a big transfer with out indicating its path.
The each day chart carries the extra sturdy sign. BTC reclaimed its 200-day transferring common close to $69,000. That stage had capped every advance of the downtrend since final October.
Daily RSI now reads 82, its highest since 2024. However, momentum has stretched reasonably than reversed on its two most up-to-date occurrences.
The nearest resistance sits on the $82,215 swing high, adopted by the $85,000 to $87,000 zone. BTC stays roughly 38% beneath its document high.
Funding Rates Hit a 2026 High While Open Interest Lags
Derivatives information complicates the bullish learn. Roughly $2.7 billion of shorts liquidated on August 19, when the US Treasury doubled its long-dated bond buybacks.
Glassnode information reveals combination perpetual funding reaching its highest stage in 2026 in the course of the squeeze. In distinction, April’s advance towards $79,000 was accompanied by persistently unfavorable funding.
Traders paid to remain brief then. They now pay to remain lengthy, which suggests positioning has flipped reasonably than moderated.
Open interest tells a unique story. CoinGlass information places trade open curiosity close to $57.5 billion, up from roughly $46.5 billion earlier than the breakout.
That complete nonetheless sits beneath the January peak close to $65.3 billion and the May peak close to $64 billion. Both readings preceded sharp corrections this 12 months.
Leverage has due to this fact returned with out reaching saturation. A climb towards $64 billion would point out a crowded market once more.
Meanwhile, a weekly maintain above $74,000 retains the breakout construction intact. Losing that band would shift the burden again to the $63,000 to $66,000 vary.
The publish Bitcoin Books Best Week Since 2023 and Its Largest Dollar Gain Ever appeared first on BeInCrypto.
