Bitcoin Eyes Key Resistance Zone Above $80,000
Bitcoin (BTC) has reclaimed ground above $80,000 but faces significant resistance near $82,800. The cryptocurrency's price action in recent weeks has seen rejections at this key zone, first on August 25 at $81,235 and again on August 28 at $81,149.
Despite these rejections, the analyst remains bullish on Bitcoin, targeting a 12-month target of $95,000. A stop-loss is set at $74,000. ETF inflows have hit $3.52 billion in August, indicating institutional macro hedging rather than long-term adoption, and creating a thin and volatile float.
September's catalysts, including the CLARITY Act cloture vote and FOMC decision, will be pivotal in determining Bitcoin's trajectory. A clean break above resistance on volume could drive BTC toward $88,250-$90,000.