Bitcoin Consolidation Tests Breakout at $82,000 Amid Soaring Gold Prices

Bitcoin has been consolidating around $79,000 after reaching a high of $81,265 on Tuesday. The cryptocurrency's price is up over 25% in August, but the recent pullback suggests some investors are taking profits at the recent high.

The demand for spot Bitcoin ETFs remains high and provides a boost to the market. On August 25, these funds saw approximately $314.3 million in inflows, bringing total inflows during the streak to just under $2.57 billion.

The price of gold is also responding to broad concerns, including the U.S. Treasury's plan to buy back more long-dated bonds, which has weakened the US dollar and revived the debasement trade.