Bitcoin Breaks Three-Month High, Eyes $82,800 Level
Bitcoin reached its highest price since May 15th at $81,455 before retreating to around $79,850 on Friday. This move marks a 26% gain for BTC since the U.S. Treasury announced its bond buyback program on August 19th.
The immediate question is whether this three-month high will turn into a durable breakout. Traders are watching the $82,800 area closely, as it was previously rejected in May and led to a slide towards $57,000.
Bitcoin's dominance persists, with derivatives activity remaining elevated. The broader markets offered a mixed backdrop, with gold adding 0.2% and silver rising over 2%, while Nasdaq 100 futures fell 0.3%. Options markets are not signaling panic, as Bitcoin's 30-day implied-volatility index fell to 41% from a recent 50%.
Altcoins, on the other hand, mostly consolidated rather than following BTC higher. The Altcoin Season index remained at 34/100, and most tokens fell between 2% and 3%. Solana slipped 2.6%, Zcash fell 2.4%, while Monero rose 2.2%