BTC Price Surges Above $81,000 Amid Bullish Market Outlook

The past week has seen Bitcoin (BTC) rally above $81,000, reaching its highest point in August at $80,000. This surge came after a steady climb from around $77,000 on August 24 to surpassing the $81,000 mark on August 25.

CryptoQuant noted that new Bitcoin whales locked in more than $1.2 billion in profit in just three days following the price rebound. Analysts believe this marks the largest profit-taking event for this cohort in their observation history.

Wintermute experts now hold a bullish outlook, citing organic spot demand as the key driver for extending the rally. However, they also warned of caution due to around 92% of liquidations being tied to short positions.