Bitcoin Breaks Downtrend as Price Surges 23.58%

Bitcoin's price surged by 23.58% last week, marking its strongest weekly percentage gain since 2023 and breaking a 10-month downtrend.

The cryptocurrency added a record $14,833 to its value as it approached the $79,000 mark, with its weekly candle breaking descending resistance extending from the October 2025 record high of $126,195.

The rally began from the $63,000 to $66,000 support zone before price pushed through the $74,000 to $76,000 band, which may now function as support.

Derivatives data show more aggressive bullish positioning, with about $2.7 billion in shorts being liquidated on August 19 as the U.S. Treasury doubled long-dated bond buybacks.