Bitcoin's Record Short Squeeze Tests Trend Reversal at $79,600

Bitcoin's August 19 breakout triggered a record $1.1 billion short squeeze, ending a ten-week range and driving price toward $81,500.

The daily SuperTrend was already bullish near $72,279 on September 1, showing shorter-term strength while the weekly chart still demands confirmation of a durable trend reversal.

Bitfinex's weekly SuperTrend remained bearish on September 1, with its line near $79,600, meaning Bitcoin still needs a weekly close above that level for broader confirmation.

The August 19 breakout produced the largest single-day short squeeze in Bitcoin's history, with more than $1.1 billion in BTC short positions liquidated as price burst through $67,000.