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CryptoMarkets

Bitcoin Taps $79,000, Up 20% Since Monday. So Why Should Bulls Be Careful?

Bitcoin (CRYPTO: BTC) is up 20% this week, but questions remain whether the rally is driven purely by short liquidations or returning U.S. spot demand.

Benzinga

Publisher

Aug 21, 2026 at 11:54 AM UTC · 1 phút đọc

Bitcoin Taps $79,000, Up 20% Since Monday. So Why Should Bulls Be Careful?
Image via Benzinga

Entities

bitcoin

Market Impact

BTC+6.35%$77,270

Last Updated

8 giờ trước

Đang dịch…

Bitcoin (CRYPTO: BTC) is up 20% this week, but questions remain whether the rally is driven purely by short liquidations or returning U.S. spot demand.

Two Indicators Yet to Confirm Strength

CryptoQuant market commentator Axel Adler Jr. said Friday that two key indicators have yet to confirm the strength of the latest rally.

The Coinbase Premium Index, which compares BTC prices on Coinbase with Binance, remained negative throughout the advance. While improvement from -0.11 to -0.046 signals stronger U.S. demand, it never crossed into positive territory.

This implies American spot investors have participated in the recovery but have not been its primary driver. A move above zero in the Coinbase Premium would be the stronger confirmation.

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Secondly, dollar-denominated open interest increased 11.7% to $25 billion as Bitcoin rallied. However, measured in BTC, open interest declined 8.7%, falling from 366,000 BTC to 334,000 BTC.

The divergence indicates traders were closing existing positions rather than aggressively adding fresh leverage.

While Adler sees that as constructive for market structure, he believes “price is rising faster than new positions are being built.”

Market Context

Bitcoin

BTC

$77,247

+6.32% (24H)

Market Cap

$1.55T

Circulating Supply

20.1M BTC

24H Volume

$67.9B

24H High

$79,511

View Bitcoin Market Page

Article Intelligence

Key Entities

bitcoin

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