Bitcoin Breaks $77,000, Lifting Altcoins in Best Week Since 2023
Bitcoin is the crypto market’s main liquidity anchor and a broad gauge of investor risk appetite, so sharp moves often spill into ether and higher-beta altcoins. The latest rally broke a six-week trading range and reached the price objective implied by an inverse head-and-shoulders breakout. The move matters because rising spot demand and short covering, rather than fresh leveraged bullish bets alone, suggest the rebound had broader support even as traders debated whether it marked a durable trend reversal.
On Aug. 21, bitcoin had climbed 24% since Monday, Aug. 17, topping $77,000 and posting its strongest week since 2023. By Aug. 24, BTC was little changed around $77,800 to $78,000 as gold advanced and altcoins consolidated. The surge followed a U.S. Treasury announcement that it would double buybacks of longer-dated government debt, helping pull yields lower; the breakout also triggered more than $3 billion in short liquidations. Bearish traders nevertheless maintained contrarian positions.
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The history behind this eventBitcoin Tops $78,000 as Crypto Rally Lifts Strategy, Altcoins
Bitcoin serves as the crypto market’s primary benchmark, with its price swings often setting the tone for investor risk appetite and flows into smaller tokens. The rebound is particularly important for Michael Saylor’s Strategy, whose long-running policy of acquiring bitcoin with corporate cash and borrowed funds has left its balance sheet and market narrative closely tied to the cryptocurrency’s performance.
Bitcoin surged above $78,000 in the latest week and posted the largest weekly candle on record in nominal dollar terms, pushing Strategy’s bitcoin position back into profit. The advance broadened across the digital-asset market, with leading altcoins among the 10 largest cryptocurrencies rebounding more than 50% from recent lows. The move suggests capital is spreading beyond bitcoin as traders rebuild exposure to higher-risk tokens.
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