Bitcoin Posts Record Weekly Dollar Gain of $14,264, Galaxy Research Highlights Next Bottom Signal

Bitcoin closed the trading week ending Aug. 23 at $77,387, up $14,264 or 22.7% from the prior week. The gain represents the biggest weekly dollar increase the cryptocurrency has ever recorded.

Weekly Performance Highlights

The price surge pushed Bitcoin to a three‑month high of about $81,000 before easing back to the $79,000 range. The move was attributed to two main catalysts:

• The U.S. Treasury announced it would double the size of its long‑end liquidity‑support buybacks, increasing the minimum from $2 billion to $4 billion per operation for the period Sep 9 – Nov 4.
• BlackRock’s iShares Bitcoin Trust (IBIT) recorded its largest retail “buy skew” in two years, indicating heightened participation from ordinary investors.

Galaxy Digital’s Bottom‑Signal Outlook

Galaxy Digital’s research team is monitoring Bitcoin’s 50‑week moving average, currently near $82,470. Their analysis of 13 completed bear markets since 2011 found that a weekly close above this average coincided with the cycle bottom in 11 cases. A close above roughly $82,500 would therefore be viewed as a reliable bottom‑confirmation signal, while a failure to stay above could suggest the rally is a short‑term relief move.

Market Sentiment

Matt Cole, chairman and CEO of Strive, described the recent rally as a potential start to the strongest Bitcoin cycle to date, citing Bitcoin’s performance against the dollar and gold. However, analysts note that as the price base rises, breaking dollar‑denominated records becomes mathematically easier, and the rally’s durability remains uncertain.