Bitcoin Hits $79,400 in Best Week Since 2023 as Short Sellers Are Forced Out

Bitcoin climbed as high as $79,400 on August 21, 2026, up 8.8% since midnight UTC, CoinDesk reported. The 24% weekly gain is bitcoin's strongest since 2023. Record short liquidations — forced buys by traders who bet against the price — cascaded as resistance levels broke, accelerating the rally. The catalyst was attributed to the U.S. Treasury, though specifics remain unreported.