The price of bitcoin surpassed $79,000 around 9 a.m. EDT on Monday, August 24, 2026, extending a blistering weekly rally that saw the digital asset gain 24% over seven days. During the session, bitcoin reached an intraday high of approximately $79,406 on Bitstamp before encountering selling pressure and resistance near the psychological $80,000 zone.
Technical indicators showed the daily relative strength index (RSI) flashing deeply overbought conditions in the 79 to 82 range. Meanwhile, the moving average convergence divergence (MACD) remained bullish, with its line above the signal line and a positive histogram between 1,500 and 3,400. Trading volume over a 24-hour period stood at $36.758 billion, and bitcoin futures open interest reached $57.57 billion, led by CME and Binance.
ETF Inflows and Market Catalysts
A primary driver behind the recent upward movement has been sustained demand for U.S. spot bitcoin exchange-traded funds. Bloomberg senior ETF analyst Eric Balchunas noted that U.S. bitcoin ETFs brought in nearly $2 billion the previous week as prices moved upward.
Additional factors influencing market conditions included the U.S. Treasury's decision to at least double the size of longer-dated, 10- to 30-year buyback operations. Derivative markets experienced significant liquidations, with Coinglass.com statistics showing that 84,494 traders were liquidated over a 24-hour period, totaling $337.28 million in crypto derivatives wiped out, which included $66.43 million in bitcoin short positions.
Upcoming Economic Events and Resistance
As bitcoin trades below stubborn resistance near $79,406, market participants are monitoring upcoming economic and geopolitical events. Traders are tracking the Jackson Hole central bank symposium, the U.S. Federal Reserve's upcoming September rate decision, and tensions between the U.S. and Iran concerning developments around the Strait of Hormuz.
Strive CEO Matt Cole highlighted broader structural tailwinds on social media, pointing to the scarcity trade and the bitcoin-to-gold ratio as signals for the asset's relative leadership. Following a dip below resistance, buyers pushed the price back above $79,000 by mid-morning on Monday as bulls continued to test the ceiling below $80,000.
