Bitcoin Price Pulls Back To $77K, Erasing Hundreds Of Millions In Leveraged BTC Long Positions

In August 2026, major indices showed gains, with the S&P 500 up 2.34% month-to-date. The 30-year Treasury yield hit a 19-year high before the U.S. Treasury intervened. Moderna (MRNA) and Merck (MRK) reported successful mRNA cancer vaccine trial results, boosting MRNA shares. Bitcoin (BTC) rose above its 200-day moving average. Geopolitical tensions and upcoming events like Jackson Hole and G7/G20 meetings are monitored for market impact.

Bitcoin and gold prices surged this week, with bitcoin rising above $77,000 and gold reaching $4,661. The rally was driven by Treasury bond buybacks and potential crypto legislation, as investors moved towards alternative assets. The Treasury's actions aim to calm bond markets but raise concerns about inflation and borrowing costs.

Treasury Secretary Scott Bessent announced increased purchases of long-term bonds, temporarily lowering yields. Bitcoin surged 23% weekly, boosted by regulatory news. Walmart's Q2 revenue beat expectations but shares fell 9.2% due to tariff refunds. Philadelphia Fed's manufacturing index rose to 47.4 in August, exceeding forecasts.

Bitcoin traded above $77,000 after a short squeeze driven by U.S. Treasury bond buybacks, reaching a high of $79,200 before pulling back. The rally was fueled by liquidation of short positions and increased spot demand, with analysts divided on its sustainability. Ether and other altcoins also rose.

Bitcoin surged over 20% following U.S. Treasury intervention to lower long-dated bond yields. Custodia Bank founder Caitlin Long attributed the rally to potential yield curve control, noting it's dollar-negative, benefiting risk assets like Bitcoin. Bitcoin traded beyond $70,000 and later surpassed $75,000. Long suggested Bitcoin's rally reflects multiple favorable narratives, including its role as digital gold and inflation hedge.

U.S. stocks rose Friday, trimming weekly losses. The S&P 500 gained 0.4%, Dow +1%, Nasdaq +0.4%. Ross Stores led gains with a 4.4% rise after strong earnings. Bitcoin surged above $77,000, boosting crypto-related stocks like Robinhood and Coinbase. Treasury yields climbed, with the 10-year yield at 4.73%. Oil prices rose to $92.67 per barrel. Newmont and Freeport-McMoRan gained, while OSI Systems dropped 5.2% on weak earnings.