As of August 24, Bitcoin traded at $77,700-$79,100, up 23.53% in a single week. The speed and structure of the rally—not a parabolic spike but a disciplined retest—suggests conviction rather than euphoria.
Bitcoin's 200-day moving average has turned upward, providing support. Daily MACD hit 1,607 (2026 high) and RSI reached 82.22, indicating strong momentum. In bull markets, these extremes persist rather than reverse.
If $80K becomes support, targets emerge at $82K-$84K (near-term resistance), then $86K-$89K (bull-flag projection). Critical support sits at $76K; closing below that would break the pattern.
Trump's August 20 crypto meeting, the SEC's August 18 regulatory proposal, and incoming Jackson Hole guidance all support the case. But Fed Chair Warsh's August 28 speech could trigger profit-taking if dovish sentiment cools.
Sustained closes above $77,950-$78,000 confirm the breakout. A drop below $76,000 would signal capitulation. ETF inflows remain the most reliable indicator of institutional conviction.
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