Bitcoin Defies Macro Pressure with $77K Support Level Intact

The Bitcoin market has shown resilience in the face of hawkish comments from Federal Reserve Chair Kevin Warsh at the annual Jackson Hole gathering. Despite a brief correction, BTC held above the key $77,100 support level, preserving a price structure of higher highs and higher lows.

One positive data point highlighted by Bitfinex's weekly report is the composition of August's advance, which was driven primarily by spot purchases rather than excessive leverage. Open interest grew gradually, the basis remained relatively contained, and US spot Bitcoin ETFs recorded nearly $1 billion in net inflows last week.

The macroeconomic context remains a main restrictive factor, with inflation measured by the Personal Consumption Expenditures (PCE) index standing at 3.7%. The federal deficit has accumulated $1.8 trillion through the first ten months of fiscal year 2026, generating upward pressure on borrowing costs. Markets reacted to Warsh's comments by raising the implied probability of a rate hike in September to 57%.

Investment products on Ethereum also showed solid relative demand, with $815.7 million in inflows during the week and a positive streak of ten consecutive sessions. The report concludes that the next major test will come with August's labor market and inflation data, which could confirm whether structural demand remains intact despite the tightening monetary environment.