Bitcoin Briefly Tops $81,000 as Institutional Demand Fueled by Strong ETF Inflows
Bitcoin's price surged past $81,148 in early trade on August 28, marking a 6.36% increase for the week. Despite this significant gain, it later trimmed some of its gains and traded above $79,697 at 10:07 IST, representing a modest 1.29% increase over the past 24 hours.
Nischal Shetty, Founder of WazirX, notes that Bitcoin maintains market leadership with 59.8% dominance, while Ethereum accounts for 11.2%, and other assets account for 29%. The technical outlook for BTC remains broadly bullish, with 13 out of 15 moving-average indicators showing a 'Buy' signal.
However, BTC is nearing a key $80K-$82K resistance zone, where almost 8% of its total supply was previously acquired. This could create additional resistance as investors may sell their holdings if the price returns to their entry point.