Bitcoin Nears $80,000 as Short Liquidations Accelerate
<p class="text-left mb-4 ">Bitcoin turned higher again after trading quietly over the weekend following Friday’s rally. BTC approached $79,700 on August 24, while short liquidations added momentum to the advance.</p><p class="text-left mb-4 ">According to <a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noopener noreferrer" class="text-primary underline">JrKripto market data</a>, Bitcoin climbed to $79,700 as of 7:30 p.m. Türkiye time. The cryptocurrency gained 3% over 24 hours and 24.6% over the past seven days.</p><p class="text-left mb-4 ">
<figure class="my-6">
<img src="https://minio-api-1.jrkripto.com/blog/btcusdt-2026-08-24-19-40-19-2b5f8c13.webp" alt="BTCUSDT_2026-08-24_19-40-19.png" width="auto" height="auto" class="w-full rounded-lg border" />
</figure>
</p><p class="text-left mb-4 ">Bitcoin traded between $76,718 and $79,749 during the 24-hour period. The recovery erased its weekend losses and brought the $80,000 threshold back into focus.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Weekend decline hit long positions</h2><p class="text-left mb-4 ">Bitcoin climbed from around $64,000 to nearly $79,500 during last week’s rapid rally. Profit-taking after the move of more than 20% pushed the price down to $75,600 on August 23.</p><p class="text-left mb-4 ">The weekend pullback particularly affected traders betting on further gains. Market data showed that traders <a href="https://jrkripto.com/tr/liquidation-data" target="_blank" rel="noopener noreferrer" class="text-primary underline">lost $53.2 million through Bitcoin liquidations</a> on August 23.</p><p class="text-left mb-4 ">Long positions accounted for $44.8 million of that total. Around 84% of Bitcoin liquidations therefore came from long trades.</p><p class="text-left mb-4 ">Bitcoin did not remain below $76,000 for long, which limited the selling pressure. Buyers returned and pushed the price first above $77,000 and then beyond $79,000.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Shorts accounted for 89% of hourly liquidations</h2><p class="text-left mb-4 ">The recovery caught traders positioned for further declines. Across the broader crypto market, liquidations reached approximately $361 million over the past 24 hours.</p><p class="text-left mb-4 ">Short positions accounted for $203.9 million, or 56.5% of the total. Long liquidations stood at $157.2 million.</p><p class="text-left mb-4 ">Four-hour data showed growing pressure on bearish positions. Shorts accounted for $121.7 million of the $189.4 million liquidated during that period.</p><p class="text-left mb-4 ">The gap widened further over the past hour. Short positions represented $35.6 million of the approximately $39.9 million in liquidations.</p><p class="text-left mb-4 ">Their share of hourly liquidations consequently reached 89.1%. Forced position closures created additional buying pressure as Bitcoin moved above $79,000.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Bitcoin ETFs attracted $1.92 billion</h2><p class="text-left mb-4 ">Liquidations in derivatives markets accelerated the price movement. Demand in the spot market also showed that the rally had broader support.</p><p class="text-left mb-4 ">According to Farside Investors, U.S. spot Bitcoin ETFs recorded approximately $1.92 billion in net inflows during the week of August 17–21. The funds attracted $606.3 million on August 20 alone.</p><p class="text-left mb-4 ">The ETFs added another $307.5 million on August 21. Five consecutive days of positive flows indicated that institutional demand remained firm as Bitcoin’s price climbed.</p><p class="text-left mb-4 ">The U.S. Treasury’s decision to increase purchases of longer-dated government bonds also supported Bitcoin. The move lowered Treasury yields and increased pressure on the dollar.</p><p class="text-left mb-4 ">The Trump administration’s push for a clearer regulatory framework for crypto also improved market sentiment. President Donald Trump urged Congress last week to move forward with the CLARITY Act.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Bitcoin price turns toward $80,000</h2><p class="text-left mb-4 ">Bitcoin faces its first short-term resistance between $79,750 and $80,000. Holding above this area could create room for last week’s rally to continue.</p><p class="text-left mb-4 ">Bitget Research Chief Analyst Ryan Lee told CoinDesk that Bitcoin could consolidate between $74,000 and $81,000 in the near term. According to Lee, continued institutional demand after forced liquidations subside will determine the rally’s durability.</p><p class="text-left mb-4 ">Markets will also follow Federal Reserve Chair Kevin Warsh’s Jackson Hole speech this week. His comments on interest rates and the bond market could shape Bitcoin’s direction around $80,000.</p>
