Bitcoin price rockets 22% to $79K as Treasury buyback sparks short squeeze

As of August 24, 2026, Bitcoin trades around $79,140, just below the psychological $80,000 mark after a roughly 22% weekly surge. The Bitcoin price now sits stretched against a daily structure that is objectively overheated, with momentum-driven risk appetite colliding against exhaustion signals.

Key takeaways

• Bitcoin surged roughly 22% in days to trade near $79,140 as of August 24, 2026.
• Daily RSI sits at 82.32, deep in overbought territory historically linked to mean-reversion pullbacks.
• A Treasury buyback operation triggered a violent short squeeze that accelerated the rally, according to Fortune.
• Bitcoin dominance holds at 58.97% of the roughly $2.7 trillion total crypto market cap, per CoinGecko.
• Fear & Greed Index reads 73 (Greed), signaling conditions where corrections tend to be sharper and faster.

Bitcoin Price Structure: Trend Strength vs. Mean-Reversion Risk

The daily structure is unambiguously bullish: price trades well above all three EMAs with expanding momentum. Yet the same chart flashes an overbought RSI at 82.32, a level that historically precedes at least a pause. This is not a quiet consolidation phase. According to Bloomberg reporting, the market ripped roughly 22% in a matter of days and is now testing the upper limits of what a trend can absorb before something has to give.