Bitcoin traded near $77,500 on Aug. 21, 2026, after rising nearly 8% at one point the previous day, reaching around $78,000 and breaking a months-long consolidation range. The move was Bitcoin’s largest single-day gain since March. The Kobeissi Letter data cited in that report showed total crypto liquidations of $3.5 billion, with short positions accounting for more than $3 billion.
The rebound reflected a combination of regulatory expectations, macro liquidity operations and leveraged short covering, according to the report. As prices turned upward, forced buying to cover short positions amplified the upward momentum.
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