Bitcoin Consolidates Near $80,000 as Buying Momentum Remains Strong
Bitcoin has consolidated near $80,000 after hitting an intraday high of $81,280 due to sustained buying momentum. The cryptocurrency was trading at around $79,612. In the past 24 hours, Bitcoin was up 1.1%, while Ethereum declined by 0.2% to trade at $2,485.
Avinash Shekhar, Co-Founder & CEO of Pi42, noted that buying momentum remains strong despite intermittent profit-booking. He advised investors to avoid chasing the rally through aggressive positions and consider entering gradually during price corrections.
Riya Sehgal, research analyst at Delta Exchange, observed that Bitcoin's move back toward $80,000 is a test of conviction rather than a straightforward breakout. Spot Bitcoin ETFs attracted over $232 million on August 26, while Ethereum ETFs drew nearly $192 million.