Bitcoin broke above a multi-month range last week, rising nearly 24% from $62,750 to close near $77,700, a notable move during August which historically delivers negative returns. The rally was fueled by the U.S. Treasury’s bond buyback expansion and the liquidation of $3 billion in short positions over two days, the largest short-side wipeout on record. U.S. Bitcoin ETFs recorded $1.92 billion in weekly net inflows, lifting assets under management above $96 billion. Strategy, the largest publicly traded Bitcoin holder, reported no activity, moving from a $9.5 billion paper loss to a $4.7 billion paper profit as BTC rose above its approximately $75,385 average acquisition price. Analysts note however that on-chain activity remains near eight-year lows and identify significant resistance around $84,000 to $85,000.
Source: Read the original article
