Bitcoin entered the weekend within striking distance of $80,000, registering an intraday high of $79,500 on Aug. 21, in what marks the biggest weekly rally for the cryptocurrency in two years.
The rally was driven by a combination of factors converging at the same time: a surprise Treasury intervention, roughly $1.6 billion in spot ETF inflows, and billions of dollars in forced short liquidations.
That same combination is what makes the coming two days a test for the market. Spot ETF trading stops until Monday, Treasury markets close for the weekend, and much of the leveraged short positioning that fueled the squeeze has already been forced out.
With those three mechanical supports paused, Bitcoin's price action over the weekend will run on its own native market structure, without the ETF bid, Treasury-driven flows, or forced liquidations that propelled the recent move.
