Bitcoin Breakout Driven by Spot Buying, 19 Top Altcoins Surge

The price of Bitcoin has broken out of its ten-week range between $62,000 and $67,000, reaching a high of $81,300 on August 25. This breakout was driven by aggressive spot buying rather than perpetual positioning or treasury buys.

The move has stalled at levels seen in May, with the price currently trading below the $80,000 level. The highest traded level above the range highs is now $77,100, which was previously a resistance level on the way down during the May breakout.

Despite the stall, the advance in Bitcoin has been helped by forced short covering and a squeeze that has run into a defined population of sellers with a genuine bid underneath. This suggests that a lower timeframe range or continuation of the move is likely.