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Crypto

Bitcoin Corrected Amid Inflation Concerns, Faces Resistance at $78,670

Guavy AI Editorial Team
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BTC
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Bitcoin's price surge to $81,455 earlier this month has been followed by a correction to around $78,019. The sudden drop was triggered by Federal Reserve Chairman Kevin Warsh signaling persistent inflation and potential rate hikes.

This market repricing caused Bitcoin and altcoins to drop, while US spot Bitcoin ETFs saw $201.81 million in outflows on August 28, ending a nine-day inflow streak.

Currently, Bitcoin faces key resistance at $78,670, a level that capped its previous rally, with upside targets at $81,455 and $88,000. However, downside risks include support at $74,450 and the critical 200-day EMA at $72,170.

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