Bitcoin achieved a significant milestone by climbing as much as 8.9% to $76,522.29, finally breaking through the long-tested resistance level of $70,000 after an 18% advance this week. According to AMBCrypto, this represents Bitcoin's best weekly gain in more than two years and puts the cryptocurrency on track for its largest weekly increase since March 2024. The rally has been driven by improving liquidity conditions and stronger institutional demand, with the momentum following the U.S. Treasury's decision to increase certain long-dated bond buybacks to at least $4 billion per operation. As per crypto.news, Bitcoin reclaimed $75,000 for the first time since late May after gaining roughly 18% rapidly, with the rally lifting BTC by more than $11,000 in roughly 48 hours.
Bitcoin's latest move has pushed the cryptocurrency toward a crucial supply zone where overhead resistance remains relatively thin, according to AMBCrypto analysis. The latest breakout pushed Bitcoin toward the $75,261 zone, placing the $78,095 resistance level directly ahead. Analyst Ali Martinez predicts that clearing $75,733 could open Bitcoin's path toward the 83,307–84,569 region, where roughly one million BTC had previously changed hands around that upper supply cluster. The URPD data revealed limited overhead resistance beyond $75,733, with the distribution leaving Bitcoin with significantly lower historical supply before the next major concentration. Bitcoin had already created solid support levels between $61,849 and $63,111 prior to the recent price rally, with over two million BTC having been traded in that area.
Bitcoin's technical indicators show strong momentum with the daily Awesome Oscillator standing near 3,448 and moving firmly into positive territory, indicating strengthened short-term momentum compared with the recent sideways period. The Chande Momentum Oscillator reached approximately 91.13, signaling strong buying pressure but also suggesting Bitcoin may be temporarily overheated after its rapid advance. The RSI had surged to 83.21, indicating a market in strong overbought condition, while MACD strengthened during the recent breakout with the histogram expanding to 494.08 in the bullish direction. The NVT (Network Value to Transactions) ratio declined 21.64% to 16.3258 in 24 hours, complementing the MVRV reversal and improving valuation conditions as Bitcoin moved toward the thinner URPD supply zone.
U.S. spot Bitcoin ETFs recorded approximately $606 million in net inflows on August 20, extending two consecutive sessions of strong institutional demand. According to SoSoValue data, this followed about $517 million of inflows on August 19, producing more than $1.1 billion in combined net buying over two sessions. The acceleration suggests institutional investors participated in the breakout rather than leaving the move entirely to derivatives traders covering short positions. Spot Ether ETFs separately attracted about $221 million on August 20, while XRP funds added approximately $13 million and Solana products received around $15 million. As per Vikram Subburaj, CEO of Giottus.com, US spot Bitcoin ETFs attracted about $1.11 billion between August 17 and 20. The latest data shows 13 ETFs added more than $1 billion from Monday to Wednesday, marking the largest weekly inflows since January for U.S.-listed spot Bitcoin exchange-traded funds.
Despite Bitcoin's 9% jump in price action, there is still room for bearish pressure, as noted by AMBCrypto. The MVRV (Market Value to Realized Value) ratio stands at 1.38 at press time, meaning Bitcoin's market value was roughly 38% higher than its realized value, indicating that unrealized profits have rapidly increased throughout the market thanks to the price recovery. However, the SOPR (Spent Output Profit Ratio) below 1 at 0.7 still indicates that the market is not effectively absorbing profit-taking, urging caution among investors. For the momentum to sustain, the realized price of the Short-Term Holder (STH) is important to consider, as investors who were previously underwater now have a chance to pull out around breakeven as Bitcoin gets closer to this level. Whether buyers can absorb this supply is the crucial question, as the recovery might get stronger if high demand absorbs the selling and Bitcoin stays at or above the STH realized price, but the realized STH price may turn into resistance and lead to another drop if sellers outnumber buyers.
