Bitcoin (BTC) appeared to consolidate above $77,000 hours after reaching a multi-month peak. Despite the retreat, bitcoin remained on course to close the week with its highest gains in August so far, as it finally broke the $65,000 resistance level following weeks of failed attempts.

However, before the surge to the monthly peak, market data showed bitcoin rallied to $75,500 around 9:50 p.m. Thursday before a sell-off wave dragged it toward $74,000. Just over four hours later, the cryptocurrency was back above $75,500 as another massive rally pushed it to $79,491.

However, bulls backed off as bitcoin failed to hold its approach toward $80,000, slipping back under $77,000 and chopping sideways in that band. At 12:30 p.m. EST, bitcoin traded just above $77,300, translating to a daily gain of 6.4%. This gain lifted its market capitalization to $1.55 trillion, which helped push the broader cryptocurrency market capitalization to $2.63 trillion.

The market momentum has forced even prominent sceptics to take notice. Vocal bitcoin critic Peter Schiff grudgingly acknowledged that the cryptocurrency is functioning as an alternative to gold during monetary debasement, conceding that investors are treating both assets as competing stores of value in the face of inflation.

“Gold hitting $4,600, silver near $70, oil over $87, and bitcoin’s earlier spike above $79K show the Fed has lost all credibility on its commitment to returning inflation to 2%. Treasury made it clear the Fed will choose inflation, so investors are choosing their preferred hedge,” Schiff said in a post on X.

Consistent with the trend observed over the past three days, the price action left short traders licking their wounds. Coinglass 24-hour liquidation data showed nearly $709 million in short bets on the cryptocurrency were wiped out, compared with $139 million in long bets. Overall, the cryptocurrency market saw $1.13 billion in short bets liquidated versus $290 million in long bets.

Meanwhile, bitcoin’s performance over the last four days has trimmed its year-to-date losses from nearly 30% down to 11.4%—a swift recovery highlighting how its notorious volatility functions as both a liability and a catalyst. With the Crypto Fear and Greed Index more than doubling from 34 to a bullish 72, prediction market traders are increasingly betting that bitcoin will finish 2026 in green territory.

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