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Bitcoin extends gains as the dollar weakens

The Dollar Index fell 0.88% to 98.77, while more than $3.3 billion in liquidations followed the rally, with $3.0 billion tied to shorts.

Reported · Written up by our desk · Market Structure

Bitcoin extended its rally into Thursday, pushing above $72,000 to the highest level since June 1, according to CoinDesk’s Aug. 20, 2026 day-ahead crypto market read.

CoinDesk said the move was initially driven by relief in the bond market after White House support signals for U.S. Treasuries, and that longer-term upside could depend on the Fed. Mercado Bitcoin research analyst Pedro Fontes argued that if the world’s largest debt market needs stability support, demand can rise for assets that are scarce and outside the logic of public debt expansion.

CoinDesk pointed to currency weakness as another catalyst, noting the Dollar Index slid 0.88% to 98.77, the lowest since May. The session also faces macro and geopolitical inputs, including initial jobless claims, which could influence yields and potential intervention.

Still, CoinDesk highlighted that the rally came with positioning shifts, citing liquidations of more than $3.3 billion over the prior 24 hours, including $3.0 billion from shorts. It also said BTC’s margin-borrow rate rose to 4.6% from 3.9% before the rally, suggesting traders are reentering short positions as the market watches resistance around $68,000 and possible next levels near $78,000 if weekly strength holds.

Latest closeBitcoin $72,210.00 ▲4.2%|Dollar index 99.64 ▼0.3%

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