Last week handed Bitcoin its largest dollar gain on record, a $14,775 jump to $77,593. The rally has since faded back under $80,000, and steady ETF buying is now up against a soft 1-hour chart.
In the seven days ending August 23, Bitcoin produced the biggest single-week dollar gain in its history. This was a jump of $14,775 that carried the price from $62,818 to $77,593.
That beat the old record set during the post-election run of November 2024, by just over $3,000. The move stalled short of $80,000, and the price has since fallen back below it.
Galaxy Research puts the week ending August 23 at the top of its all-time list for weekly dollar gains. The +$14,775 close sits $3,108 ahead of the November 4 to 10, 2024 week that held the previous record.
By percentage the move looks more normal. The 23.5% gain ranks 41st out of 840 weekly candles going back to 2010, behind moves like the 27.7% jump during the March 2023 banking scare. It was still the strongest week for Bitcoin since that March 2023 run.
The price jump came mid-week. On August 19 the U.S. Treasury doubled its long-bond buybacks. Trump backed the CLARITY Act, and a round of short liquidations added to the momentum. Price ran to about $81,500 before buyers dried up. Bitcoin has since fallen under $80,000 and now trades near $79,100.
On the 1-hour chart, price is printing lower highs and lower lows after the $81,500 rejection, and getting back above $80,000 is the first obstacle
The RSI backs up the caution. The fast reading (RSI 6) sits at 22.55 in oversold territory, which often sets up a relief bounce. The slower readings, 36.72 and 46.19, are still under 50, so buyers have not taken control yet.
MACD is negative, with the histogram near -306, so sellers hold the near-term edge. Oversold readings raise the odds of a bounce, but on their own they do not confirm a turn.
Trader Michaël van de Poppe reads the wider setup as a consolidation range rather than a top. He expects a test of the recent highs and calls anything under $74,000 a strong spot to buy.
Spot demand has held up through the pullback. After one red day on August 14 (-$57.63 million), U.S. spot Bitcoin ETFs have brought together green sessions, including $606 million on August 20 and $517 million on August 19.
Inflows from August 24 to 27 ran between $232 million and $338 million a day. Cumulative net inflows now stand at $54.83 billion, and total fund assets have pushed just past $100 billion for the first time.
For the short-term situation to improve, buyers need a 1-hour close back above the $80,000 to $80,300 band, then a push through the $81,000 to $81,500 zone where the last rally stalled. Clearing $81,500 on volume would open the path to new highs.
On the downside, first support sits at $79,000 to $78,800. A loss of $78,000 would make the correction more serious, with a possibility of $76,500 to $77,000.
Two situations look most likely from here. If the price holds $78,800 to $79,000 and the RSI starts to recover, a bounce back toward $80,000 to $81,000 is on the table.
Also, reclaiming $80,000 would also enable a clean break above $81,500, which can help in an additional run. A bearish situation is likely if $78,000 gives way on heavy selling.
That could cause a move toward $76,500 to $77,000, still inside van de Poppe's buy zone above $74,000. A drop under $74,000 would change the whole scenario. For now, the setup looks cautious in the short term and neutral to constructive above $77,000 to $78,000.
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