Archive · 22 Aug 2026
Bitcoin Nears $80,000 After Biggest Weekly Rally Since 2023
Bitcoin became much more valuable during the week and moved close to $80,000.
Different reports measured its price at about $77,500 or $78,588.
Its weekly gain was roughly 23% to 24.5%, which could be its biggest since March 2023.
The US Treasury said it would at least double purchases of long-term government bonds.
This helped push long-term yields lower and encouraged investors to take more risks.
Many traders who had bet that Bitcoin would fall were forced to close those bets, pushing the price higher.
Investors also put more than $1 billion into US Bitcoin funds.
President Donald Trump met crypto executives and supported a stalled crypto market bill.
Some analysts expect more gains, while others say the rally was partly a temporary short squeeze and that gold better shows inflation concerns.
Bitcoin rose as much as 9.4% to about $77,500, while another report put it at $78,588.
The cryptocurrency gained roughly 23% to 24.5% during the week, potentially its strongest weekly advance since March 2023.
The rally followed the US Treasury’s decision to at least double long-dated bond buybacks, which lowered long-term yields and increased risk appetite.
Nearly $2.5 billion in leveraged bearish Bitcoin positions and $4.5 billion across crypto were liquidated over three days.
Thirteen US-listed spot Bitcoin ETFs attracted more than $1 billion, while Trump’s crypto meeting and proposed Clarity Act added to market optimism.
- Who
- Bitcoin traders, institutional investors, US Treasury Secretary Scott Bessent, President Donald Trump, crypto executives and market analysts.
- What
- Bitcoin posted a weekly gain of roughly 23% to 24.5% and approached $80,000.
- When
- During the reported week, after the Treasury announcement on Wednesday and related comments on Friday.
- Where
- Global cryptocurrency markets, with major policy and investment activity in the United States.
- Why
- The rise was linked to expanded Treasury bond buybacks, lower long-term yields, liquidated short positions, Bitcoin ETF inflows, whale purchases and optimism about US crypto policy.
Bitcoin Bull Case
Macro Caution
What drove the rally?
Bitcoin Bull Case
Supporters point to expanded Treasury bond buybacks, lower long-term yields, strong spot Bitcoin ETF inflows, whale purchases and positive signals from the Trump administration.
Macro Caution
Skeptics, including Adam Morgan McCarthy, say the short squeeze was a major driver because billions of dollars in leveraged bearish positions were forced to close.
Bitcoin versus gold
Bitcoin Bull Case
Bitcoin supporters cite renewed ETF demand, institutional buying and large-holder purchases as signs of improving confidence and potential for further gains.
Macro Caution
McCarthy said gold provided a clearer signal of investors hedging against currency and inflation risks because its rise was not driven by forced buying.
Long-term outlook
Bitcoin Bull Case
Geoffrey Kendrick said there was now a risk that his year-end Bitcoin forecast of $100,000 could prove too low.
Macro Caution
Rachael Lucas said the rally had not changed Bitcoin’s long-term case or its volatility, while Bitcoin remains well below its previous peak.
- Reported Bitcoin price
- About $77,500 in late New York trading in one report and $78,588 in another snapshot.
- Weekly performance
- Bitcoin gained roughly 23% to 24.5%, potentially its strongest weekly increase since March 2023.
- Treasury action
- The US Treasury announced plans to at least double long-dated bond buybacks.
- Liquidations
- Nearly $2.5 billion in leveraged bearish Bitcoin positions and $4.5 billion across crypto assets were liquidated over three days.
- ETF inflows
- The 13 US-listed spot Bitcoin ETFs received more than $1 billion during the week.
- Whale purchases
- Large Bitcoin holders added roughly $2.75 billion worth of Bitcoin over 60 days.
- Previous price peak
- Bitcoin previously rose above $126,000 before falling as low as $58,642 in late June.
