Bitcoin Storms Past $79K as ETF Demand Continues to Fuel Rally
Bitcoin's price surged past $79,000 on Monday morning, August 24, 2026, as investors continued to drive up demand after last week's rally. According to Eric Balchunas, a senior ETF analyst at Bloomberg, U.S. spot bitcoin exchange-traded funds (ETFs) pulled in nearly $2 billion last week, their best week since October 2025.
The price increase of over 24% in seven days has put Bitcoin's daily relative strength index (RSI) in the overbought range, while its moving average convergence divergence (MACD) remains bullish. Despite this, sellers were able to push back against the price at $79,406, with moderate trading volume and a total of $36.758 billion traded over the last 24 hours.
Other factors contributing to Bitcoin's rally include the U.S. Treasury's decision to double the size of longer-dated buyback operations and leverage in derivatives markets, which has liquidated approximately $3 billion from traders, with some estimates suggesting even higher losses. As a result, Bitcoin believers argue that the next leg up could dwarf anything seen before.
However, resistance above $79,406 remains stubborn, particularly with the psychological $80K zone refusing to crack. Several major catalysts are looming in the coming weeks, including the Jackson Hole central bank symposium and the Fed's September federal funds rate decision.