Bitcoin Surpasses $79,000 Marking Largest Weekly Gains in Three Months

Key Facts

Bitcoin has extended its rally to reach a local peak of $79,480, maintaining its strongest weekly performance in over three months. This bullish trend is supported by a four-week streak of consecutive inflows into spot ETFs and optimism surrounding the Bitcoin 2026 conference in Las Vegas. Technically, the digital asset is trading firmly above the 23.6% Fibonacci retracement zone between $77,145 and $79,480, signaling sustained buying pressure. Coinglass data continues to show a 3-to-1 dominance of long positions over shorts, identifying $81,000 as a primary target for a potential short squeeze. While the outlook remains optimistic, analysts caution against high leverage risks, with $73,700 serving as a critical support floor.

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