Bitcoin Eyes Another Rally as Bulls Defend $77K Support
Bitcoin's resilience in August has some traders expecting another move higher. Prominent crypto trader DonAlt believes that 'looks like we're gonna get another leg up soon,' pointing to Bitcoin's stability after a sharp intraday decline on August 31.
BTC had climbed from around $64,700 earlier in the month and briefly approached $81,000 before pulling back. It is now consolidating near $78,000, with traders watching closely whether it can reclaim the $80,000-$81,000 resistance zone.
Despite a 6% intraday decline triggered by hawkish comments from Federal Reserve Governor Kevin Warsh, BTC stabilized at around $77,100. This suggests that demand remains strong around current support levels.
Institutional accumulation has continued despite the volatility, with Michael Saylor-led Strategy purchasing another 4,603 BTC for approximately $369.7 million between August 24 and August 30.