Bitcoin rose 23.58% last week, marking its best weekly performance since 2023. The upward movement added $14,833, representing the largest dollar gain of any single week in Bitcoin’s history.
Trading near $79,000, Bitcoin is up 1.8% over a 24-hour period. The recent weekly candle broke a descending trendline that stretched back to the record high set in October 2025.
Break of the 10-Month Downtrend
Structurally, Bitcoin bounced from the $63,000 to $66,000 support zone before clearing the descending resistance line drawn from its $126,195 record high. The price also pushed through the $74,000 to $76,000 band, which is expected to act as support moving forward.
Weekly volume expanded alongside the price movement, though it remained below June's peak levels. Meanwhile, the BBWP indicator expanded from an extreme low to near-maximum volatility and continues to rise.
On the daily chart, Bitcoin reclaimed its 200-day moving average near $69,000, a level that had previously capped every advance during the downtrend that began last October. The daily Relative Strength Index (RSI) reached 82, its highest reading since 2024. Nearest resistance levels sit at the $82,215 swing high, followed by the $85,000 to $87,000 zone. Bitcoin remains approximately 38% below its record high.
Derivatives Data and Funding Rates
Derivatives metrics show that roughly $2.7 billion in short positions were liquidated on August 19, coinciding with the US Treasury doubling its long-dated bond buybacks. According to Glassnode data, aggregate perpetual funding reached its highest level of 2026 during the squeeze, indicating a shift where traders are now paying to maintain long positions rather than short ones.
CoinGlass data indicates that exchange open interest sits near $57.5 billion, up from approximately $46.5 billion prior to the breakout. However, this total remains below the January peak of around $65.3 billion and the May peak near $64 billion, suggesting that leverage has returned without yet reaching market saturation.
A weekly hold above the $74,000 level keeps the current breakout structure intact, while losing that band would place focus back on the $63,000 to $66,000 support range.
