Bitcoin Price Correction: Why BTC Stalled Dead at $78,000 Again
Bitcoin ran 26% in under two weeks, tagged $81,455, and then stopped at the exact price that killed the last rally. That is not a coincidence.
As of Sunday 30 August at 11:37 UTC, BTC/USD trades at $78,019 on Bitstamp, down 0.12% on the day. The weekend has been quiet. The week before it was anything but.
Why Did Bitcoin Correct After Hitting $81,000?
The trigger was macro, not crypto.
On Friday 28 August, new Fed Chair Kevin Warsh delivered his first Jackson Hole keynote. He pointed at PCE inflation still running 3.7% year over year, and a hotter 4.1% annualised over the previous six months. The message: the Fed still has work to do.
Markets repriced fast. September rate-hike odds on CME FedWatch jumped to roughly 56% from 35% a day earlier, touching 60% intraday. Gold fell 2.4%, US equities gave up early gains, and Bitcoin dropped from $81,455 to a low of $76,845 before closing near $77,800.
The leverage flush did the rest. CoinGlass logged around $486 million in liquidations across roughly 95,731 traders, with longs taking $368 million. Altcoins took it harder: $Ethereum closed at $2,443 (-2.70%), $Solana at $104.13 (-4.65%), $XRP at $1.3833 (-4.80%).
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