Bitcoin Consolidates at $78K as Bulls Eye $85K

Bitcoin's strong August advance has slowed down, and it is currently consolidating around $78,000. The cryptocurrency gained about 24% in August, its strongest monthly increase since November 2024.

The current structure suggests that the market may experience a temporary move lower before buyers attempt to break through the $82,000-$85,000 region again.

According to Rod (@Crypto_R0D) on X, Bitcoin's sideways action is a potential Elliott Wave 4 consolidation following the strong third-wave advance.

A brief break below the $76,000-$77,000 zone could flush leveraged long positions without necessarily ending the broader bullish structure. Recovery after such a sweep would keep the potential fifth-wave advance intact.