Bitcoin’s recent rally was triggered by the largest single-day short liquidation event in the dataset since 2019, with August 19, 2026 marking a record short flush. Around 85% of liquidations during the squeeze window came from short positions, while futures open interest fell 11% in BTC terms and perpetual funding stayed near neutral, indicating the move was not driven by aggressive new long positioning. The advance was supported by strong spot demand. US spot Bitcoin ETFs recorded $2.23 billion in creations over the squeeze window with no outflow days, while exchange balances fell and all six wallet-size cohorts showed accumulation above the neutral threshold. Glassnode said the next major resistance zone sits between $83,000 and $86,000, where long-term holder supply, dealer gamma positioning, order-book asks and liquidation levels converge. On the downside, the Short-Term Holder Cost Basis at $70,000 is the first key support, followed by the $62,000-$65,000 range. Options markets currently imply consolidation into late September, with pricing centered on Bitcoin holding within a broad $69,000-$89,700 range rather than breaking sharply higher or lower.