Bitcoin Slips Below $76,000 After 20% Weekly Rally

Data from August 23 showed about $53.2 million of Bitcoin positions liquidated during the day. Of that, roughly $44.8 million, or 84%, came from long positions. Ether saw about $56.4 million in liquidations, including $43.2 million of longs. The shift in liquidation direction marked a change from the prior week, when shorts dominated.

The market's immediate focus is whether Bitcoin can establish support around the mid-$70,000 range. The move toward $80,000 followed several catalysts. U.S. spot Bitcoin ETFs posted substantial net inflows: $517.2 million on August 19 and $606.3 million on August 20. Treasury Secretary Scott Bessent's announcement that the government would increase purchases of longer-duration Treasury securities pushed yields lower and weakened the dollar, supporting Bitcoin. President Donald Trump met cryptocurrency executives alongside SEC Chairman Paul Atkins and CFTC Chairman Michael Selig and urged Congress to advance crypto market-structure legislation.

Those factors helped Bitcoin approach $80,000 before profit-taking emerged. The decline does not erase the underlying shift. It shows how quickly conditions can reverse after a leverage-driven rally. Bitcoin moved about 24% from $64,000 to $79,500 before the correction, leaving traders with substantial unrealized gains.

A sustained move back above $78,000-$79,500 would put the $80,000 threshold back into focus. Continued weakness below $76,000 would increase attention on whether the previous breakout region around $74,000-$75,000 can provide support. Bitcoin's drop below $76,000 looks like a correction within last week's powerful rally, traders said. Bitcoin traded near $77,000 late Sunday, data showed.