Bitcoin Price Breaks Through $79K as Short Squeeze Fuels Rally

Bitcoin's price broke above $79,000 on August 21 after extending a four-day recovery. The sudden surge was attributed to forced short liquidations, which accelerated as the market turned bullish.

CoinMarketCap data showed that Bitcoin traded near $77,000, with a slight pullback from its daily high. Trading volume exceeded $70 billion over the past 24 hours, while the price gained roughly 7%.

Historical CoinMarketCap data placed Bitcoin's price near $62,819 on August 16, before trading above $69,000 on August 19 and continuing its advance. The move represented a sharp reversal after several weeks of weak market structure.

Bull Theory reported that Bitcoin had gained about $14,000 from roughly $62,700 during the rebound. Separately, derivatives data supported evidence of heavy forced buying, with CoinGlass showing $865.38 million in Bitcoin liquidations during one recent session.