Bitcoin Gains 23.5% in August as Strive Buys 1,800 BTC
Bitcoin rose approximately 23.5% in August to trade near $78,000, improving sentiment across the crypto market. The rally added more than 11,000 Bitcoin millionaire addresses during the month. Institutional demand remained a major driver, supported by billions of dollars in inflows into US spot Bitcoin ETFs. Asset manager Strive also acquired 1,800 BTC, becoming the fifth-largest publicly listed corporate Bitcoin holder. Bitcoin now faces a potentially volatile September. Analysts’ median price target is about $81,319, while technical traders are watching the $77,000-$80,000 support zone. Holding this range could help Bitcoin maintain its upward trend into the final quarter. However, a loss of support may increase selling pressure after August’s strong rally. Rising corporate treasuries and improving on-chain metrics suggest institutions continue to treat market pullbacks as long-term Bitcoin accumulation opportunities.
Bullish
The news is bullish because Bitcoin gained 23.5% in August, institutional demand remained strong, and Strive’s 1,800 BTC purchase adds to evidence of corporate accumulation. ETF inflows and rising corporate treasury holdings can reduce available supply and reinforce investor confidence, especially when supported by improving on-chain metrics. Similar institutional-buying narratives during previous Bitcoin bull markets often attracted momentum traders and encouraged dip buying. In the short term, however, the rally may leave Bitcoin vulnerable to profit-taking and volatility in September. The $77,000-$80,000 area is the key technical support zone; a sustained break below it could weaken momentum and trigger leveraged liquidations. A successful defense of that range, followed by a move above $78,000 and toward the $81,319 median target, would strengthen the bullish setup. Longer term, continued ETF inflows and corporate accumulation could support Bitcoin prices, although macroeconomic conditions, ETF outflows and changing risk appetite remain important risks.