Here’s Why Bitcoin Price Is Struggling to Break the $80K Resistance
Key Insights
- Bitcoin price pressure grows as long-term holders realize gains of around $80,000.
- Fading volume and crowded long positions increase near-term pullback risk.
- A 12-hour close above $80,070 could open a move toward $83,681.
Bitcoin trades at $78,353.62 after falling 1.20% during the past 24 hours. The Bitcoin price has cooled following a 21.82% weekly surge. Profit-taking has increased after the rally pushed momentum into overbought territory. Traders also await Friday’s PCE inflation report, which could reshape interest-rate expectations. New demand now faces a test near the $80,000 threshold.
Bitcoin also recorded a 94.37% weekly correlation with gold. That relationship suggests both assets responded to similar macro forces during the rally. Treasury liquidity expectations, lower yields, and ETF inflows supported demand. Still, correlation alone does not prove that gold directly drove the move.
Bitcoin Price Pullback Follows the 22% Weekly Rally
The recent advance gained force after Bitcoin cleared $70,000 on August 19. Short liquidations then reached $2.74 billion, compared with $256.66 million for longs. That imbalance helped propel the Bitcoin price breakout as bearish positions closed rapidly.
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