Bitcoin retakes US$80,000 as choppy US demand tests rally
The cryptocurrency gets another shot to hold a level it has repeatedly failed to sustain amid inconsistent ETF inflows.
Bitcoin surged past US$80,000, but its ability to maintain this level remains uncertain. Fed governor Christopher Waller signaled his support for maintaining interest rates if inflation continues to ease, which pushed Bitcoin to its highest price since May. However, Bitcoin is still within its recent trading range and faces a potential price ceiling as long-term holders target the US$83,000 to US$86,000 range for selling.
While inflows into US-listed Bitcoin ETFs increased in August, they have been inconsistent, with two days of significant outflows in the past week. The Coinbase premium, which compares prices on US exchanges to international platforms, has remained negative for over four months. Analysts suggest that a confirmed breakout from the range Bitcoin has traded in since August 2 would require sustained daily closes above the upper end of that range.
Despite mixed signals, the rally has given Bitcoin another opportunity to hold the level it has repeatedly failed to sustain.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Bitcoin retakes US$80,000 as choppy US demand tests rally freemalaysiatoday.com
