ME News reports that on August 28 (UTC+8), Bitcoin closed at $77,387, posting a weekly gain of $14,264, or 22.7%, the largest weekly dollar increase since the asset’s inception. Bitcoin subsequently touched $81,000, reaching a three-month high, before pulling back to around $79,000. The U.S. Treasury increased the size of its long-term liquidity support repurchase operations from $2 billion per operation to at least $4 billion, with larger-scale repurchases scheduled to occur between September 9 and November 4. Galaxy Research noted that Bitcoin’s 50-week moving average is currently near $82,470 and may serve as a confirmation signal for the next phase of the bottom. The firm’s data shows that of the 13 completed bear markets since 2011, 11 confirmed cycle bottoms when weekly closes rose above this moving average; only during the 2021–2022 double-top cycle did it fail to hold above the level twice. Alex Thorn, Research Director at Galaxy Digital, highlighted that retail buying interest in BlackRock’s iShares Bitcoin Trust spot Bitcoin ETF has reached its highest level in two years, during which Bitcoin briefly hit $81,257. Matt Cole, Chairman and CEO of Strive, stated that the next Bitcoin cycle will be the strongest on record. (Source: ODAILY)
Bitcoin surges $14,264 in a week, posting the largest dollar gain on record.
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Summary
Bitcoin news shows the price reaching $77,387 on August 28 (UTC+8), up $14,264 or 22.7% for the week—the largest dollar gain in its history. On-chain data reveals the price briefly hit $81,000, a three-month high, before dropping to $79,000. Galaxy Research notes that Bitcoin’s 50-week moving average is near $82,470, a potential confirmation level for the next market bottom. The U.S. Treasury increased its repurchase size to $4 billion per session from September 9 to November 4.
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