Bitcoin rose 22% in a week, briefly moving above $80,000, as falling Treasury yields, a Treasury intervention in the bond market and a subsequent short squeeze supported the move. CoinGlass reported $2.7 billion in liquidated crypto short positions, while Glassnode said Aug. 19 produced its largest single-day short-liquidation event since 2019 in its feed, with shorts accounting for 85% of liquidations. Bitcoin faced an overhead supply shelf between $82,000 and $86,000. Analyst Austin Campbell said Bitcoin and Hyperliquid had stronger reasons to rally than Cardano, whose gains he called a sympathy bid, while Santiment said Hyperliquid perpetual volume reached $19.4 billion on Aug. 21. The rally unfolded amid U.S. fiscal concerns and uncertainty over the CLARITY Act, whose 2026 enactment prospects were estimated by Galaxy Research at 60% to 75%.