Bitcoin traded near $77,254 on Aug. 23 after reaching $79,461 during the latest daily session, as buyers challenged a major weekly resistance area and pushed the bullish price outlook toward $90,000. The same market structure, however, left downside liquidity concentrated below current levels, with liquidity clustered near $73,000 and below the $71,000 region, keeping a deeper retracement scenario in play alongside the breakout case.

The rebound mattered because Bitcoin had recovered sharply from its July low near $57,735. The move lifted price above key retracement levels and revived institutional demand, with U.S. spot Bitcoin ETF inflows supporting the four-day price recovery. Even so, traders still lacked confirmation above the broader descending resistance line. For BTC crypto traders, the weekly close now matters more than intraday spikes, a convention rooted in how weekly candles aggregate a full week of trading and filter single-session volatility before a level is treated as broken.

Resistance Near $80,000 Blocks Confirmation

The TradingView Bitstamp chart showed Bitcoin closing around $77,254 after briefly touching $79,461. Price remained above the 0.786 Fibonacci level near $77,462. However, the session showed rejection immediately below the broader $80,000 resistance area.

Bitstamp's official BTC/USD market page showed active trading through Aug. 23, and the exchange remained the primary venue for the chart supplied with this analysis. The price of bitcoin had already cleared the chart's $73,245 Fibonacci support before testing resistance.

Mister Crypto said Bitcoin still faces a major weekly resistance zone. He argued that the downtrend remains intact without a weekly close above it, and that a rejection could return price toward the prior range lows.

That setup keeps $78,000 to $80,000 as the first upside test. A confirmed break would expose the chart's next Fibonacci target near $82,833.

ETF Flows Support the Recovery

Farside Investors data showed U.S. spot Bitcoin exchange-traded funds recorded $307.5 million of net inflows on Aug. 21. The funds had received $606.3 million one day earlier. Those flows followed $517.2 million on Aug. 19, and the three-day sequence showed renewed institutional demand during Bitcoin's rebound.

BlackRock's IBIT accounted for $239.3 million of the Aug. 21 total, Farside data showed. U.S. spot Bitcoin ETFs began trading in January 2024 after the SEC approved the products, and because the funds hold bitcoin directly, daily flow figures from trackers such as Farside have become a widely followed proxy for institutional demand.

Ted Pillows also pointed to exchange-traded fund demand and large bids near $74,000 to $75,000. He said the daily moving average convergence divergence remains strong, and his analysis placed $90,000 within reach if momentum continues.

Yet liquidity remained uneven. That Martini Guy identified larger clusters around $73,000 to $75,000 and $69,000 to $71,000. He said smaller liquidity remained above price near $78,000 to $80,000.

On-Chain Data Supports Bitcoin Momentum

CryptoQuant analyst Burak Kesmeci said Bitcoin's Net Unrealized Profit/Loss rose from 0.16 to 0.32. He said the indicator crossed its 365-day simple moving average near 0.31, a crossover that occurred for the first time since Oct. 10, 2025.

CryptoQuant defines Net Unrealized Profit/Loss as a gauge of aggregate unrealized investor profitability. Values above zero indicate broad unrealized profit across the market. Kesmeci said sustained positioning above the long-term average could support upward momentum.

The signal aligned with the sharp recovery from July lows. However, it did not remove nearby technical resistance, and Bitcoin still has to hold above the weekly barrier before the broader structure improves.

$73,000 Support Becomes the Pivot

Killa said Bitcoin's latest impulse resembles earlier bottoming structures where pullbacks stayed shallow. He compared the setup with Bitcoin's 2022 recovery and identified the $70,000 to $73,000 region as a potential local retracement zone.

Ted Pillows separately identified a smaller liquidity pocket around $75,400. He then pointed to larger liquidity between $78,000 and $80,000, a structure that supported a short pullback before another resistance test.

Merlijn The Trader outlined a deeper Wyckoff scenario. He said a spring toward $55,000 could remove leveraged longs before a larger recovery. His scenario then targeted $107,000, but it depends on the accumulation structure completing. The Wyckoff method, developed by trader Richard Wyckoff in the early 20th century, describes ranges in which large operators accumulate or distribute assets; within that framework, a spring is a brief move below range support that forces out weaker positions before any attempted advance.

CME Group's Bitcoin futures calendar listed Aug. 28 as the settlement date for its August 2026 contract. That date adds a derivatives catalyst after the weekly resistance test. CME also offers weekday Bitcoin options across its regulated derivatives market. The exchange listed its first cash-settled Bitcoin futures in December 2017, and its contracts have since served as a primary regulated venue for institutions seeking exposure to Bitcoin price moves.

The chart showed immediate support near $73,245, followed by $70,284 and $67,322. Resistance remained concentrated near $79,461 and $82,833. A weekly close above the resistance band would strengthen the bullish case, while failure there would keep lower liquidity zones active.

The next test comes with the weekly close and CME's Aug. 28 settlement. Holding $73,245 would preserve the rebound structure. A break below that level would shift attention toward $70,284 and lower liquidity.

Source: The Market Periodical