Bitcoin Surges 23% in Biggest Weekly Rally in Three Years
Bitcoin has experienced its largest weekly rally in three years, rising over 23% to break above $77,500. The surge is attributed to a powerful short squeeze and renewed institutional demand, with spot Bitcoin ETFs recording approximately $1.91 billion in net inflows between August 17 and August 21.
The latest breakout has led some analysts to argue that Bitcoin may have finally moved beyond its multi-month bearish phase. According to market analyst Doctor Profit, the $71,000 level has shifted from being a major resistance zone into an important support area.
The next immediate target sits around $78,500, while a sustained breakout above that area could bring the $80,000 region into focus. Beyond that, some traders are watching the $82,000 level as the next major upside target.