Bitcoin price hits $80,000 after 28% rally

Bitcoin crossed $80,000 on Aug. 25 for the first time in almost 15 weeks, extending one of its strongest short-term advances since 2021. Summary Bitcoin crossed $80,000 for the first time since May 15, extending its eight-day recovery sharply. Bitcoin gained roughly 38% from its late-June low below $58,000 as buyers returned to markets. U.S. spot Bitcoin ETFs attracted about $1.92 billion last week, their strongest intake since October. Treasury doubled long-end buyback limits to at least $4 billion, while yields initially declined afterward. Money Flow Index reached 77.22, showing strong demand while warning that momentum appears stretched short-term. The cryptocurrency traded near $80,500 at press time, according to the crypto.news market data. It reached an intraday high above $81,000 after gaining roughly 28% over eight days. The advance has added approximately $350 billion to Bitcoin’s market capitalization, based on the price change and circulating supply. Bitcoin has also recovered about 38% from its July 1 low near $57,700. That rebound effectively erased the losses accumulated since May. However, the crypto has now entered a resistance area that previously attracted heavy ...