Bitcoin Soars on Improved Liquidity and Supportive Regulation

Bitcoin's price rose by 2.68% to $77,271.75 in just 24 hours due to improved U.S. liquidity and supportive crypto regulation.

The surge was further amplified by a short squeeze, with over $1.2 billion in Bitcoin short positions liquidated as traders were forced to cover their losses.

U.S. spot Bitcoin ETFs also contributed to the buying pressure, adding another $606.29 million on August 20 and extending the inflow streak.

The next key level of support for Bitcoin is at $75,000, and holding this level could potentially keep the recovery on track toward $79,463.