As Bitcoin (BTC) price exploded by more than 22% since Monday, fueling the addition of over $450 billion to the cryptocurrency market as of August 21, on-chain data has revealed the next key targets for Bitcoin to consider in the short-term.
Bitcoin price rose by over 22% since the beginning of this week, to reach a local high of $79,500 on Friday. As such, the total crypto market cap surged by $480 billion over the past five days, moving from $2.16 billion on August 17, to a local peak of $2.64 at the time of reporting.
Bitcoin led the broader cryptocurrency market in bullish sentiment this week fueled by a short squeeze – a sharp upward price rally that occurs when rising prices force short sellers to buy to cover their positions, thus adding extra buying pressure – as Finbold explained.
Most importantly, Bitcoin’s demand has turned positive in both spot and perpetual futures for the first time since it surged to its all-time high (ATH) on October 6, 2025, according to data from CryptoQuant.
Bitcoin price forecast amid renewed demand?
As Bitcoin price led the wider crypto industry in a bullish outlook, fueled by renewed demand, on-chain data analysis shows potential further upside in the near term. Specifically, BTC’s UTXO Realized Price Distribution (URPD), an on-chain metric that shows the amount of a crypto that last moved within specific price ranges hence revealing where investors acquired their coins, shows that the flagship coin surged above a major resistance level around $75,733, according to updates from Glassnode.
Consequently BTC price is eying its next liquidity range of between $83,307 and $84,569, where roughly 1 million coins previously changed hands. With Bitcoin price trading at $76,662 at the time of writing, if the spot and futures demand continues to rise in the near future, it could climb another between 8.67% and 10.31% before experiencing its next major sell pressure.
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