The Bitcoin price delivered the breakout we mapped out in yesterday’s Bitcoin price prediction. We said the bullish path required BTC to hold $67,000, break $69,749, and then target $72,200, with $76,000 opening above that zone.
Bitcoin did exactly that. The BTC price is now up 6.37% in 24 hours at $72,545.16, breaking above the $72,200 level as liquidity conditions improved and a massive short squeeze accelerated the move.
More than $3 billion in crypto shorts were liquidated, including nearly $1.7 billion in Bitcoin shorts. Volume also jumped to $91 billion, ending a three-month period of muted volatility.
Now, can the BTC price hold the breakout, or is a deeper retracement coming next? August 21 decides the next move.
What you'll learn 👉
News Pushing Bitcoin Price Today
The Bitcoin price rally was led by the U.S. Treasury’s decision to double long-dated bond buybacks from $2 billion to $4 billion per operation from September 9. Lower Treasury yields and a weaker dollar improved liquidity, helping Bitcoin (BTC) break above $72,000. The move also came amid rising U.S.-Iran tensions, with Bitcoin gaining even as stocks weakened.
The rally was then amplified by a large short squeeze. More than $3 billion in crypto shorts were liquidated, including nearly $1.7 billion in Bitcoin shorts.
BTC volume also jumped to around $91 billion after months of muted activity, showing a major return of trading interest. Spot Bitcoin ETFs also recorded around $517 million in inflows, adding further buying pressure.
Institutional and regulatory developments are adding support. Citi is preparing institutional Bitcoin custody through its Custody+ platform, giving traditional investors another route into BTC.
Trump has also pushed Congress to pass the CLARITY Act, while the possibility of the U.S. making “sizable” Bitcoin purchases has added another potential catalyst. Bitcoin has also broken above the Short-Term Holder Realized Price, although profit-taking remains a risk.
Together, these catalysts pushed BTC through the $67,000, $69,749 and $72,200 levels from yesterday’s prediction. With the Bitcoin price now around $72,545, the key question for August 21 is whether buyers can defend $72,200. If they do, $73,000, $74,000 and $76,000 become the next upside targets.
What Is the Bitcoin Price Chart Showing?
We had a look at the BTC chart, and the breakout is clear. Bitcoin climbed from the $62,700 area into the $65,000 region before breaking the major $66,900 resistance.
The move then accelerated through $69,000 and pushed above the marked $72,200 resistance. The latest candle shows a high of $72,944, a low of $72,175 and a close near $72,634, giving buyers a strong test of the breakout zone.
The key level now is $72,200. Before the breakout, that area acted as resistance; after the move, it becomes the first level buyers need to defend.
The chart also shows a rising Ultimate Oscillator at 66.14, up from the weaker readings seen through early August. That points to stronger short-term buying pressure, although the move has become extended after the latest rally.
The broader structure remains constructive above $69,750. BTC has also broken above the Short-Term Holder Realized Price. Two consecutive weekly closes above that level would strengthen the case for a new bull market, based on the market framework provided. A loss of $72,200 could send the Bitcoin price back toward $69,750 before the next directional move.
Related Bitcoin News: White House Crypto Summit: Trump Drops Major Bitcoin and CLARITY Act Statements
Where Will the Bitcoin Price Go on August 21?
The bullish path puts the Bitcoin price above $72,200 and then through the $72,944 intraday high. A clean break above $73,000 could open $74,000, followed by the $76,000 target from yesterday’s forecast.
The base path is consolidation between roughly $70,000 and $73,000. If buyers defend $69,750, BTC can digest the $91 billion volume spike and prepare for another test of $73,000. This keeps the breakout structure intact.
The bearish path starts if the Bitcoin price loses $69,750, followed by $67,000. A break below $67,000 would weaken the breakout and put $66,000 and $64,000 back on the map. With the prior RSI above 70 and billions in shorts already liquidated, profit-taking remains the main risk after this outsized move.
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