Bitcoin Price Frozen Near $79,000 as Oil and War Risk Rewrite the Macro Playbook
After a 20 percent breakout, one would expect movement. But with Bitcoin, what's happening right now is: nothing. For nearly three weeks, the price has been stuck between around $77,500 and $80,500, after shooting up from the $65,000 range at the end of August. Currently, $BTC is trading at about $78,700, a decrease of around 1.3 percent in the last 24 hours. That's not weakness. The market is waiting for a signal, and itโs not coming from the crypto sector. Itโs coming from oil tankers in the Strait of Hormuz and from a Fed chair who has stopped talking about interest rate cuts.
Why is the Bitcoin price consolidating at $79,000?
The short answer: Every attempt to reach $80,500 has been consistently sold off.
The breakout in the third week of August was intense. Within a few days, the price surged from around $65,000 into the upper $70,000 range, and since then, it has been moving sideways. Today's drop below $79,000 coincided with stronger US data and rising yields on US Treasury bonds, which is the classic combination of pressures for risk assets. During the retest of the resistance zone, leveraged long positions worth around $55 million were liquidated. This clearly shows where the majority was positioned.
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