Bitcoin has staged a powerful breakout from a critical resistance zone, moving from the heavily watched $64,000–$65,000 area toward levels not seen in roughly three months. According to CryptoQuant, fresh money is entering the market, reinforcing the rally as trading volume surges. The cryptocurrency climbed to nearly $79,500 on August 21 before settling around $77,400, according to recent market reports.
The rally followed a multi-week range between approximately $60,000 and $67,500. Technical analyst GoldXpertise described the weekly structure as bullish after the breakout and identified $95,000 as the next major upside target if the move continues. The analyst also pointed to $77,000–$79,500 as an important area for a potential retest, while a sustained move through $80,000–$82,500 could confirm a broader trend reversal.
Market data shows Bitcoin’s weekly gain exceeded 23%, with one August weekly candle surging about 26.8% from roughly $64,800 to $77,300. Analyst Ali Martinez compared the move to large weekly advances in 2019 and early 2023, often described as God Candles. More than $4 billion in short positions have been liquidated since the advance accelerated, adding forced buying pressure to the rally.
Institutional demand strengthened alongside the price move. Glassnode data highlighted nearly $1 billion in net inflows into spot Bitcoin ETFs over a three-day period, the strongest three-day inflow streak since Bitcoin last traded above $80,000. The Wall Street Journal reported that U.S. spot Bitcoin ETFs recorded $1.6 billion in net inflows from Monday through Thursday, including $606 million on Thursday alone, with products from BlackRock, Fidelity, and Grayscale receiving substantial demand.
From a technical perspective, moving averages remain strongly bullish, but momentum indicators are stretched. The Relative Strength Index stood at 78 and the Commodity Channel Index at 148, both flagged as sell signals. The $80,000–$82,500 region remains the key upside hurdle, while the $70,000–$72,500 zone, including the 200-period EMA near $71,748, offers potential support on a pullback. Traders are closely monitoring whether Bitcoin can convert its breakout into sustained support and extend toward $95,000.
