Bitcoin, Ethereum, Hyperliquid and Near Protocol all posted sharp gains on August 21, with several of the tokens pushing daily relative strength index readings into overbought territory as a broad risk-on wave swept through crypto markets. Bitcoin climbed roughly 4% out of a multi-week consolidation range, while Ethereum's breakout was even more aggressive, posting its largest volume spike since June.
Bitcoin traded up toward the $71,500–$72,500 zone after clearing its short-term moving averages near $64,200–$64,900, with the daily RSI reading around 79 — solidly in overbought territory. Chart analysis flagged that “the structure of Bitcoin would be significantly improved by a daily close above $72,000,” a level that, if held, opens the door toward the roughly $75,000 zone last tested during May's consolidation. The immediate support to watch on any pullback sits near $66,500, with a more defensive floor at $64,000–$65,000.
Ethereum's move was steeper in percentage terms, with the token breaking through $2,125 and running to roughly $2,290 on the back of its heaviest volume since the June sell-off. Daily RSI on ETH reached about 83. The speed of the advance has left the chart without an intermediate support level, and the same analysis warned that “ETH has moved hundreds of dollars without creating intermediate support, raising the possibility of a steep retracement.” A move back above the $2,300–$2,400 supply zone from April and May would open a path toward $2,500–$2,600.
Hyperliquid clears its moving averages, Near lags behind
Hyperliquid rose 3.4% on the day and briefly traded above $74, recovering from a $52–$54 range with its daily RSI near 74. The token now faces a $70–$76 supply zone, with the psychological $80 level as the next upside marker should buyers hold the $66–$68 support band. Near Protocol was more muted, trading near $1.73 with an RSI around 54 — neutral territory compared with the overbought readings elsewhere in the market — as it approaches a dense resistance cluster between $1.78 and $1.80 where three separate moving averages converge.
Treasury liquidity move underpins the rally
The broader move coincided with the U.S. Treasury Department's decision to at least double the size of its liquidity-support buyback operations for longer-dated Treasury securities, raising the ceiling from $2 billion to at least $4 billion per operation starting September 9. The expanded buybacks compressed long-end yields and boosted risk appetite across asset classes, a dynamic that also showed up in renewed Bitcoin ETF inflows as institutional demand tracked the broader risk-on shift.
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With four separate assets flashing overbought RSI readings simultaneously, traders are watching for a mini-correction across the majors before any push higher resumes. Historically, RSI readings above 70 don't guarantee an immediate reversal in a strong uptrend, but they do raise the odds of a consolidation phase before the next leg — a pattern that would leave Bitcoin's $66,500 support and Ethereum's $2,125 level as the first real tests of whether the rally has staying power.
