Bitcoin Tops $79K, Pauses Below $80K Resistance

On Aug. 24, 2026, bitcoin reached an intraday high near $79,406 on Bitstamp around 9 a.m. EDT before sellers pushed the price lower; trading later recovered above $79,000. The token gained about 2.5% on the day and more than 24% over the previous seven days. Twenty-four-hour trading volume was near $36.76 billion, and bitcoin futures open interest stood at about $57.57 billion, with the largest shares held on major exchanges including CME and Binance.

Technical indicators showed overbought readings and continued bullish momentum. The daily relative strength index was in the high 70s to low 80s, while the moving average convergence divergence line sat above its signal line and the histogram remained positive.

Demand for U.S. spot bitcoin exchange-traded funds coincided with the recent price advance. Senior ETF analyst Eric Balchunas posted on X that the funds took in roughly $2 billion last week and called it the best week since October 2025. His post noted rapid price moves over a short period.

Other market factors were active during the rally. The U.S. Treasury said it will at least double the size of buyback operations for 10- to 30-year notes. High use of leverage intensified price swings: roughly $3 billion was liquidated from derivatives markets during the rally, and some estimates put total liquidations closer to $4 billion. Data from Coinglass showed about 84,494 traders were liquidated over a recent 24-hour period, with $337.28 million wiped out across crypto derivatives on Monday, including about $66.43 million in bitcoin short positions.

Traders pointed to several upcoming events that could affect bitcoin’s direction. Market attention is on the annual central bank symposium in Jackson Hole and the Federal Reserve’s September decision on the federal funds rate. Geopolitical developments between the U.S. and Iran and incidents near the Strait of Hormuz were also cited as potential triggers for increased price volatility.

Industry participants highlighted calls for scarce assets as part of their commentary. Strive CEO Matt Cole wrote on X that “Bitcoin priced in gold is reinforcing my view that the next Bitcoin cycle will be the strongest we have ever seen,” referring to the BTC/gold ratio and a search for scarcity amid technological shifts.

Price action met clear resistance at roughly $79,406, and the psychological $80,000 level remained a cap on further gains. Buyers were able to push bitcoin back above $79,000 after the morning pullback, but the area above $79,406 held as the market tested supply.