Bitcoin Posts Biggest Weekly Dollar Gain Ever, Up 23.6% in Best Week Since 2023

Bitcoin (BTC) rallied 23.58% over the past week, marking its strongest weekly performance since 2023 and delivering the largest dollar gain of any week in its history, an increase of $14,833.

Price Action and Technical Levels

At the time of writing BTC is trading near $79,000, up 1.8% in the last 24 hours. The weekly candle broke a descending trendline that had extended from the October 2025 record high. The price bounced from the $63,000‑$66,000 support zone, cleared the descending resistance drawn from the $126,195 record high, and moved through the $74,000‑$76,000 band, which now appears to act as support.

Volume and Volatility Indicators

Weekly trading volume expanded alongside the price move, though it remained below the peak observed in June. The BBWP volatility indicator rose from an extreme low to near‑maximum levels, a pattern that historically signals a large move without specifying direction.

Daily Chart Signals

On the daily chart BTC reclaimed its 200‑day moving average near $69,000, a level that had capped every advance of the downtrend since last October. The daily RSI reached 82, the highest reading since 2024, indicating strong momentum.

Resistance Outlook

The nearest resistance is the $82,215 swing high, followed by a broader $85,000‑$87,000 zone. BTC remains roughly 38% below its all‑time high.

Derivatives Market Dynamics

Derivatives data show mixed signals. Approximately $2.7 billion of short positions were liquidated on August 19, coinciding with a U.S. Treasury increase in long‑dated bond buybacks. Glassnode reports that aggregate perpetual funding reached its highest level in 2026 during the recent squeeze, indicating that traders now pay to stay long rather than short.

Open interest on exchanges, according to CoinGlass, sits near $57.5 billion, up from about $46.5 billion before the breakout but still below the January peak of $65.3 billion and the May peak of $64 billion. Leverage has returned without reaching saturation levels.

Key Support Levels

A weekly close above $74,000 would keep the breakout structure intact. Falling below that band could shift support back to the $63,000‑$66,000 range.