Bitcoin Storms Past $79K, Faces Resistance at $80K
Bitcoin continues its upward trend, hitting an intraday high of $79,406 on Bitstamp before sellers pushed back. The crypto asset has climbed 2.5% against the US dollar today and more than 24% over the last seven days.
The sharp weekly run is attributed in part to relentless demand for U.S. spot Bitcoin exchange-traded funds (ETFs), which saw $2 billion in flows last week, its best week since October 2025 according to Bloomberg senior ETF analyst Eric Balchunas.
Leverage and Treasury buybacks have also contributed to the rally, with around $3 billion liquidated from derivatives markets and some estimates putting the total at closer to $4 billion. Over 84,494 traders were liquidated over the last day, according to Coinglass.com stats.
Despite the recent gains, Bitcoin has hit resistance near $80,000 and will be watching several major catalysts in the coming weeks, including the Jackson Hole central bank symposium and the Fed's September federal funds rate decision.