Bitcoin climbs 28% in eight days, bulls eye $83,000 weekly close

Bitcoin surged to $81,265 this week, marking its highest price in nearly 15 weeks before retracing below $80,000 as traders moved to secure recent gains.

Market rally and key statistics

The recent rally saw Bitcoin increase by 28% over eight consecutive days, rebounding from the $62,000 range and adding about $350 billion to its market capitalization. This performance stands as the second-strongest weekly gain for Bitcoin over the past five years, reflecting a significant reversal that erased three months of prior declines.

Market observer Bull Theory noted the dramatic shift in sentiment, stating that Bitcoin hitting $80,000 for the first time in almost 15 weeks marked a strong comeback. He highlighted the rapid recovery, emphasizing that Bitcoin wiped out several months of losses in just one week.

Bitcoin hits $80,000 for the first time in almost 15 weeks, up 28% in the last eight days, adding $350 billion to its market capitalization and reversing three months of losses in just a single week.

Analytics firm CryptoQuant recorded a major increase in its Bull Score Index, which jumped from 30 to 80—the highest reading since October 2025. Eight out of the index’s ten component indicators are now sending bullish signals. CryptoQuant is a blockchain analytics company known for providing real-time market insights for digital assets.

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Mini dictionary: Bull Score Index, a metric by CryptoQuant that aggregates multiple on-chain and market indicators to assess whether Bitcoin market conditions are favorable for further price increases.

According to the platform, spot market and futures demand have risen together for the first time since early October 2025, pointing toward advancing institutional and retail confidence.

Critical resistance and future targets

CryptoQuant identified a weekly close above Bitcoin’s 365-day moving average—currently around $83,000—as essential to confirm the start of a new bull market cycle. This technical threshold is monitored by many market participants to signal a clear change in long-term trend.

Joel Kruger, market strategist at LMAX Group, pointed to the May 2026 peak at $82,820 as another key resistance to watch. He suggested that a breakthrough above this level could set the stage for attention to shift toward the $100,000 mark.

Market strategist Joel Kruger views the May 2026 high of $82,820 as a critical resistance level, indicating that surpassing this zone may pave the way for a move toward $100,000.

At the time of reporting, Bitcoin was trading near $79,000, just below major resistance levels. Technical indicators also show that Bitcoin’s relative strength index (RSI) hit 78.71, placing the asset in overbought territory after its rapid ascent.

Large holders and institutional flows

Despite strong market momentum, short-term risks remain. Between August 20 and 22, large short-term holders realized about $1.2 billion in profits, including a peak of $614 million on a single day. The average unrealized profit margin among traders reached 20.5%, the highest in over a year. CryptoQuant observed that a previous reading of 19% in May corresponded to a subsequent 30% price correction, raising caution among market watchers.

Bitcoin deposits to exchanges reached approximately 53,000 BTC—the largest since June—indicating increased movement to platforms where sales may occur.

On the institutional side, US spot Bitcoin ETFs attracted $338 million in net capital inflows on August 24, with BlackRock’s IBIT fund alone accounting for $209 million. Spot Ether ETFs also saw activity on the same day, drawing in $116 million in total and $90.92 million to BlackRock’s ETHA.