- Bitcoin climbed as high as $79,406 after gaining more than 24% over the past seven days.
- U.S. spot Bitcoin ETFs attracted roughly $2 billion last week, their strongest week since October 2025.
- Bitcoin’s daily RSI has reached deeply overbought territory as traders watch the psychological $80,000 resistance level.
Bitcoin extended its powerful rally Monday, briefly reaching $79,406 before sellers pushed the price back below the session high.
BTC has gained roughly 2.5% on the day and more than 24% over the past week. However, momentum indicators are beginning to look stretched, with the daily RSI sitting around 79 to 82 while the MACD remains firmly bullish.
Bitcoin ETF Demand Accelerates
U.S. spot Bitcoin ETFs have become a major force behind the latest rally.
Bloomberg ETF analyst Eric Balchunas said the funds attracted roughly $2 billion last week, their strongest weekly inflow since October 2025, as Bitcoin jumped from around $64,000 to $77,000.
Bitcoin futures open interest has also climbed to approximately $57.57 billion, led by CME and Binance.
Liquidations Add Fuel to the Rally
The U.S. Treasury’s decision to expand longer-duration bond buybacks has also helped improve market sentiment.
At the same time, heavy leverage amplified Bitcoin‘s move. Roughly $3 billion in crypto derivatives positions have been liquidated during the rally, with some estimates putting total liquidations closer to $4 billion.
More than $337 million was liquidated across crypto derivatives over the latest 24-hour period, including around $66 million in Bitcoin shorts.
Bitcoin Faces the $80,000 Test
Bitcoin’s immediate challenge is now the psychological $80,000 level after sellers repeatedly appeared around $79,400.
Traders are also watching the Jackson Hole symposium, the Federal Reserve’s September rate decision and ongoing tensions between the U.S. and Iran for the next major market catalysts.
With ETF demand strong and momentum still bullish, Bitcoin could continue testing $80,000. However, deeply overbought conditions suggest volatility and short-term pullbacks remain a risk after the rapid weekly surge.
