Bitcoin tops $79,000 as rally lifts miners, treasury stocks

Bitcoin rose above $79,000 on Aug. 21, up 30 percent in four days, lifting miners and treasury companies to double-digit gains.

The rally could push Bitcoin toward $126,000 before year-end, Geoff Kendrick, an analyst at Standard Chartered, said.

Crypto markets added $480 billion in market cap over the past five days, climbing from $2.16 trillion on Aug. 17 to $2.64 trillion, according to CoinGecko data. Spot Bitcoin ETFs recorded $606 million in net inflows on Aug. 20, a fourth straight day of inflows, while spot Ethereum ETFs saw $221 million.

Bitcoin's next liquidity range sits between $83,307 and $84,569, where roughly 1 million coins previously changed hands, according to Glassnode's UTXO Realized Price Distribution data. A sustained move above $80,000 would open the path toward the $100,000 year-end target.

Canaan, Strive and Metaplanet posted double-digit percentage gains in a single session as the rally broadened across crypto-exposed equities. The moves followed statements by US President Donald Trump during a meeting with crypto industry leaders on regulatory clarity and potential state purchases of Bitcoin, along with the US Treasury's decision to expand buybacks of long-term government bonds.

The rally was amplified by a short squeeze, as rising prices forced short sellers to buy back positions, adding extra buying pressure. Bitcoin's move above $75,733, a major resistance level, cleared the way for the push toward $80,000.

Bitcoin's demand has turned positive in both spot and perpetual futures for the first time since its all-time high on Oct. 6, 2025, according to CryptoQuant data. The shift suggests institutions are building positions rather than trading short-term momentum. Repeated ETF inflows matter more than one strong session because they suggest institutions are accumulating while new Bitcoin supply remains limited.

Michael Saylor's Strategy, which holds 840,447 BTC worth about $65.24 billion, returned to a modest profit of $1.63 billion after months underwater, though it still carries unrealized losses of around $103.58 million.

The $80,000 gateway

The $80,000 level is the next major psychological target if Bitcoin holds above $76,000, the breakout zone. A clean move above $80,000 would put Bitcoin into a higher price zone with less established trading structure. On the downside, $73,000 to $74,000 could become short-term support, with $70,000 the key line in the sand.

Persistent ETF outflows, tighter Federal Reserve policy or heavy profit-taking near psychological levels could delay the $100,000 target beyond 2026. Bitcoin needs to rise roughly 31.6 percent from $76,000 to reach six figures. A spot-led climb would be healthier than a leverage-driven spike, which could amplify any pullback through liquidations.

This article is for informational purposes only and does not constitute investment advice.