🚀 Bitcoin tops $77,000 as strongest weekly rally since 2023 lifts altcoins 🚀
Bitcoin surged as high as $79,400 on Friday, gaining nearly 24% since Monday in its strongest weekly advance since March 2023. The rally was fueled by short liquidations, improving spot demand, and a U.S. Treasury bond-buyback announcement.
🔑 Key points
🔹 Bitcoin reclaimed $77,000: BTC was trading just below $78,000 after reaching its weekly high.
🔹 Short squeeze intensified the rally: More than $1 billion in short positions were liquidated over 24 hours.
🔹 $3.3 billion liquidated Wednesday: The week’s earlier liquidation wave helped accelerate upside momentum.
🔹 Open interest is rebuilding: Bitcoin futures open interest rose 7.38% to approximately $57.7 billion.
🔹 Shorts remain crowded: The aggregated Bitcoin long-short account ratio was 0.865, meaning more accounts remained positioned short than long.
🔹 Spot demand is improving: CryptoQuant’s 30-day apparent spot demand recovered sharply from deeply negative levels.
🔹 Altcoins followed Bitcoin higher: XRP gained 19%, Ethena’s ENA surged 42% in 24 hours, Zcash rose 12.5%, and Chainlink added approximately 8%.
🔹 Bitcoin dominance remains strong: The Altcoin Season Index fell to 33, suggesting Bitcoin is still leading the market rather than broad altcoin rotation dominating.
🔹 Technical target was reached: Bitcoin surpassed the approximately $76,000 target implied by its inverse-head-and-shoulders breakout.
🔎 Why it matters
🔹 The rally is not purely spot-driven yet. Forced short covering and rising leverage played a major role.
🔹 Continued gains will depend on whether real spot demand remains after liquidations fade.
🔹 Bitcoin’s strength is pulling liquidity into selected altcoins, but the market has not entered a broad altcoin season.
🔹 Overbought momentum and thinner weekend liquidity increase the risk of a short-term pullback.
🎯 Bottom line: Bitcoin’s move above $77,000 is significant, but the rally still needs confirmation from sustained spot buying. Short liquidations created the initial fuel; whether the trend continues depends on fresh capital entering the market after the squeeze is over.
https://www.coindesk.com/markets/2026/08/21/bitcoin-tops-usd77-000-as-best-week-since-2023-pulls-altcoins-along-for-the-ride