Bitcoin Soars Above $71k on Record Short Squeeze and Regulatory Clarity

Bitcoin's price surged to $71,750 on August 20, 2026, fueled by a record-breaking short squeeze that saw over $1 billion in shorts liquidated in one hour. The move was sparked by the White House's meeting with crypto executives, including President Trump's call for Congress to pass the CLARITY Act.

The SEC also published a proposed rulemaking on August 18, creating federal offering pathways for crypto assets. Regulatory clarity has historically been a key driver of institutional investment in Bitcoin.

The daily chart is firmly bullish, with every moving average signaling a buy and an ADX at 34.8 confirming a strong trend. However, the weekly MACD still shows a sell signal, and the monthly picture remains mixed.