Bitcoin Defies August Weakness with $77,700 Breakout

Bitcoin broke above its multi-month range last week, closing near $77,700. The rally came despite August's historically weak performance for BTC, according to the Bitfinex Alpha report.

The report noted that August has typically delivered negative median returns, making last week's move a notable shift from the month's historical pattern.

A key catalyst was the U.S. Treasury's expansion of its bond buyback program, which triggered a liquidity response and led to $3 billion in Bitcoin short positions being liquidated over two days. This marked the largest short-side wipeout on record.