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.
According to JrKripto market data, 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.
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.
Weekend decline hit long positions
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.
The weekend pullback particularly affected traders betting on further gains. Market data showed that traders lost $53.2 million through Bitcoin liquidations on August 23.
Long positions accounted for $44.8 million of that total. Around 84% of Bitcoin liquidations therefore came from long trades.
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.
Shorts accounted for 89% of hourly liquidations
The recovery caught traders positioned for further declines. Across the broader crypto market, liquidations reached approximately $361 million over the past 24 hours.
Short positions accounted for $203.9 million, or 56.5% of the total. Long liquidations stood at $157.2 million.
Four-hour data showed growing pressure on bearish positions. Shorts accounted for $121.7 million of the $189.4 million liquidated during that period.
The gap widened further over the past hour. Short positions represented $35.6 million of the approximately $39.9 million in liquidations.
Their share of hourly liquidations consequently reached 89.1%. Forced position closures created additional buying pressure as Bitcoin moved above $79,000.
Bitcoin ETFs attracted $1.92 billion
Liquidations in derivatives markets accelerated the price movement. Demand in the spot market also showed that the rally had broader support.
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.
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.
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.
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.
Bitcoin price turns toward $80,000
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.
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.
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.
