Bitcoin Price Hits $77K, But $80K Could Trigger Sharp Reversal
Key Insights
- Bitcoin price approached $77,000 while $80,000 remained major resistance.
- Short-term holder profitability recovered as BTC reclaimed recent cost bases.
- Derivatives positioning remained elevated after last weekโs sharp price recovery.
Bitcoin traded near $77,100 on Aug. 24 after extending a sharp weekly recovery. The Bitcoin price remained below $80,000, where traders identified a concentrated technical resistance area. That zone mattered because momentum improved while recent buyers moved back into profit.
CoinMarketCap data placed bitcoin near $77,100 with roughly $32.5 billion in daily volume. Coinbase data also showed the asset gained about 22% over the previous week. The rebound repaired part of the damage created during the first half of August.
Bitcoin Price Recovery Meets Elevated Derivatives Activity
CoinGlass data showed Bitcoin futures open interest near $55.7 billion on Aug. 24. Futures volume reached about $63.9 billion during the previous 24 hours. Spot volume on the platform totaled roughly $4.8 billion over that period.
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