Since Monday, the price of Bitcoin ($BTC) has increased by more than 22%, leading to a rise in the total cryptocurrency market capitalization by more than $450 billion by August 21st.
So today, the local high reached $79,319 (data from CoinGecko), however, after reaching this level, the price of $BTC corrected to $77,000. Over the past five days, the total cryptocurrency market capitalization has increased by $480 billion, rising from $2.16 billion on August 17th to a local peak of $2.66 billion.
This week, Bitcoin led the overall cryptocurrency market in positive sentiment, aided by a "short squeeze." This is a rapid price increase that occurs when rising prices force sellers who are betting on a decline to buy in order to close their positions, thereby creating additional buying pressure.
Most importantly, according to Ki Young Ju, CEO of CryptoQuant, demand for Bitcoin has turned positive for the first time since it reached its all-time high (ATH) on October 6th, 2025, both in the spot market and in perpetual futures.
The price of Bitcoin has set a bullish trend for the crypto industry as a whole, and in analysts' opinion, the potential for further growth is not exhausted. In particular, Bitcoin's UTXO Realized Price Distribution (URPD) indicator, which displays the amount of cryptocurrency that last moved within a certain price range and, consequently, shows where investors purchased their coins, indicates that the flagship coin has broken through an important resistance level at $75,733 (as calculated by Glassnode).
As a result, the price of $BTC is now targeting the next liquidity range from $83,307 to $84,569, where approximately 1 million coin transactions were previously made. If demand in the spot and futures markets continues to grow, Bitcoin could rise another 8.67–10.31%, where it will encounter the next major selling pressure.
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