Bitcoin Battles at $80,000 as ETF Inflows Meet Inflation Pressure
Bitcoin is testing its rally near $80,000 as spot ETF inflows and on-chain accumulation meet caution ahead of Jackson Hole and persistent inflation pressure. The market sees $81,700 to $83,000 as the key resistance zone, with a break above or below that range set to determine the short-term trend.
US spot Bitcoin ETFs have posted nine straight sessions of net inflows, amounting to $3.0442 billion in cumulative net inflows. This influx of funds has helped extend the advance, according to some market analysis, with large-scale short liquidations taking place on August 19.
The 30-day accumulation trend across all Bitcoin wallet sizes is above the neutral line of 0.5, pointing to net buying across holder groups. However, flows have diverged by wallet size since the June 30 low, with large wallets holding more than 100,000 BTC absorbing 59,100 BTC.
As of August 28, Bitcoin was trading at $79,456 on Binance's USDT market, down about 0.41% from a day earlier. The kimchi premium stood at 0.87%. Markets are now focused on Federal Reserve Chair Kevin Warsh's Jackson Hole keynote, scheduled for 11 p.m. Korea time.