Bitcoin Breaks Above $79,500, Next Resistance Seen at $84,569

Bitcoin (BTC) has extended a sharp rally this week, climbing more than 22% since Monday and lifting the broader cryptocurrency market by roughly $450 billion as of August 21. BTC hit a local peak of $79,500 on Friday. Over the past five days, total crypto market capitalization rose by about $480 billion, increasing from $2.16 billion on August 17 to around $2.64 at the time of reporting. The Kobeissi Letter highlighted the move on August 21, 2026, noting Bitcoin trading above $79,000 and up about 30% over four days, alongside a $450 billion increase in overall crypto market value since Monday. Market participants attributed the week's surge to a short squeeze, where rising prices force short sellers to cover positions, amplifying buying pressure. CryptoQuant data also shows Bitcoin demand turning positive in both spot and perpetual futures for the first time since BTC set its all-time high on October 6, 2025. On-chain indicators point to additional upside. Glassnode's UTXO Realized Price Distribution (URPD) suggests Bitcoin has pushed through a key resistance zone around $75,733. The next liquidity band is concentrated between $83,307 and $84,569, a range where roughly 1 million coins previously changed hands. With BTC at $76,662 at the time of writing, continued strength in spot and derivatives demand could support a further 8.67% to 10.31% advance before the market encounters the next major area of sell-side pressure.