Bitcoin briefly breached the $65,000 resistance on its way to a multi-month high, before pulling back to hover around $77,300 amid intraday volatility.

Analyst commentary highlighted Bitcoin as an alternative to gold in a backdrop of monetary debasement, with investors treating BTC and gold as competing stores of value.

The rally wiped out roughly $709 million in short bets as part of about $1.13 billion in total short liquidations across the market.

Bitcoin’s market capitalization climbed to about $1.55 trillion, contributing to a total cryptocurrency market cap near $2.63 trillion.

The Crypto Fear and Greed Index rose to 72, signaling growing optimism that Bitcoin could finish 2026 in positive territory according to prediction markets.

Over the past four days, Bitcoin’s year-to-date losses narrowed from nearly 30% to about 11.4%, underscoring a strong recovery despite volatility.

Trading activity cooled after failing to sustain near $80,000, with prices hovering in a sub-$77,000 to mid-$77,000 range and moving sideways.

Bitcoin stayed above the $77,000 level after a peak near $79,491, marking one of August’s strongest weeks for the asset.