Bitcoin Surges Past $71,000, Costing Bet-Against Traders $3 Billion

On August 20, 2026, bitcoin jumped above $71,000 after six weeks stuck between $62,000 and $66,900. Traders who bet bitcoin would fall were forced to buy back in automatically, losing about $3 billion. Think of it as a snowball: forced buying pushes prices higher. Bitcoin remains far below its May 2025 peak of $109,760.