Bitcoin Hits New High, Consolidates Near $80,000 Amid Strong Buying Momentum

Bitcoin continued its upward momentum, trading at around $79,612 on Friday after reaching an intraday high of $81,280. The cryptocurrency has been gaining strength in recent days, with a 1.1% increase in the past 24 hours.

The buying momentum remains strong, according to Avinash Shekhar, Co-Founder & CEO of Pi42, who stated that Bitcoin's rally is being supported by sustained ETF inflows, a softer dollar, improving regulatory sentiment, and concerns around currency debasement.

However, analysts are cautioning against aggressive positions, with Riya Sehgal from Delta Exchange noting that the broader structure remains constructive but warning of potential resistance at key levels. Shegol also pointed out that spot Bitcoin ETFs attracted over $232 million on August 26, while Ethereum ETFs drew nearly $192 million.

Prateek Gupta from Mudrex noted that Nvidia's latest quarterly results have supported a risk-on sentiment and sustained institutional demand for Bitcoin.