Bitcoin (BTC) delivered one of its most impressive weekly performances in years during the seven days ending around August 23-24, 2026, climbing over 20% and briefly approaching the $79,000 level for the first time since May.
TradingView data shows that the cryptocurrency moved from trading near $62,800–64,500 during the last week to highs near $78,800–79,000 as of early Monday before settling in the mid-to-high $76,000s to low $77,000s range.
This marked Bitcoin’s best weekly percentage gain since March 2023 in some calculations and its largest dollar-denominated weekly advance on record in others, adding tens of billions to its market capitalization and lifting broader crypto sentiment.
What Happened in the Past Week
The rally unfolded rapidly after a prolonged period of range-bound and lower trading. As shown in the TradingView chart above, Bitcoin had been grinding lower or consolidating for months following its October 2025 peak of $126,198, as per CoinMarketCap data, with prices bottoming around the high $50,000s to low $60,000s earlier in the summer. By mid-August, volatility was compressed, setting the stage for a sharp breakout.
Prices began accelerating around August 19 as Bitcoin broke key technical levels, including moves past $70,000 and then $75,000. On August 21, it pushed toward $79,000 intraday, its highest since May, before some consolidation left it trading near $77,000 by the weekend. Spot trading volumes rose notably, and the asset reclaimed important moving averages such as the 100- and 200-day levels.
The broader crypto market participated, with Ethereum and several altcoins posting even larger percentage gains in some cases, while the overall market capitalization expanded significantly.
Accompanying the Bitcoin price rally was the institutional demand for the crypto asset. Data from ETF inflows tracker SoSoValue shows that U.S. spot Bitcoin exchange-traded funds (ETFs) recorded strong consecutive daily inflows during last week, totaling approximately $1.92 billion—the strongest weekly inflow stretch in months.
Why Bitcoin’s Price Jumped
The primary catalyst was a policy announcement from the U.S. Treasury. Secretary Scott Bessent revealed plans to at least double the size of long-dated Treasury buybacks, from a $2 billion maximum per operation to at least $4 billion, covering longer-maturity securities and set to begin in early September.
This intervention came after long-term yields had spiked to multi-year highs amid fiscal concerns, and the move helped pull yields lower, weaken the U.S. dollar, and revive the “debasement trade”—investor preference for scarce assets such as Bitcoin and gold outside the traditional monetary system.
A powerful short squeeze amplified the upward move. Crowded bearish positioning was unwound as prices broke higher, forcing liquidations estimated at roughly $3 billion, of which most were in Bitcoin short positions. This forced buying from liquidations created a self-reinforcing cascade higher.
Regulatory and political developments added fuel. President Donald Trump hosted a White House meeting with crypto industry leaders, including executives from firms such as Coinbase, and publicly urged Congress to pass a “fair version” of the CLARITY Act to establish clearer market-structure rules for digital assets. The SEC also advanced proposals related to token offering exemptions, further reducing perceived regulatory uncertainty. These signals reinforced the view of a more supportive U.S. policy environment for crypto.
Institutional demand through ETFs and other channels provided genuine buying support beyond the squeeze, while some large holders (“whales”) continued accumulation. The combination of easier financial conditions, short covering, policy optimism, and returning capital inflows turned a technical breakout into a multi-day rally that revived bullish sentiment after months of dormancy.
While the speed of the advance has left some analysts cautioning that portions of the move may have been overdone relative to the fundamental impact of the Treasury actions alone, the week’s price action demonstrated Bitcoin’s continued sensitivity to U.S. macro policy, liquidity shifts, and regulatory developments. Market participants will now watch whether the higher levels can be sustained with ongoing spot demand.
The Crypto Times reached out to multiple analysts for comments but have not received a response at the time of publishing.
Also read: MSTR, COIN, Circle Surge as Bitcoin Nears $80K in Biggest Rally of 2026
