Home / Business and Economy / BTC Price Near $80K: Is the Rally Running Out of Steam?
BTC Price Near $80K: Is the Rally Running Out of Steam?
29 Aug
Summary
- Bitcoin trades sideways between $78,000 and $81,000.
- Arthur Hayes notes a structural problem for major Bitcoin holders.
- Key price levels at $81,121 and $82,500-$84,700 are crucial.
As of the current date, Bitcoin's price hovers around $79,500, continuing a period of consolidation between $78,000 and $81,000. This sideways trading pattern has persisted for over a week.
Arthur Hayes, co-founder of BitMEX, has voiced concerns on the Unchained Podcast, suggesting that this lack of acceleration poses a structural problem for the largest corporate Bitcoin holder. He indicated that the typical strategy of selling shares at a premium to buy more Bitcoin is becoming less viable as the premium diminishes.
Technical analysis highlights key resistance levels that could determine the cryptocurrency's short-term trajectory. Immediate resistance stands at $81,121, followed by a more significant barrier between $82,500 and $84,700. A decisive break above these levels could reignite upward momentum. Conversely, a fall below the $75,604 support level might invalidate the current bullish structure.
