Bitcoin Price Fades as Macro Risks Loom
Bitcoin's price fluctuated between $77,000 and $79,000 on Wednesday as its rally momentum started to fade. The cryptocurrency struggled to maintain its upward trajectory, which has seen its price climb by over 20% since August 17.
Market data showed that bitcoin appeared to lose momentum close to the $79,000 range, but saw growing buying pressure pull the price back toward $78,000.
Bybit's Han Tan noted that bitcoin must reclaim the $82.5-$83k region as macro risks loom. This price action is consistent with how the asset has performed since peaking at $81,255 late on August 24. However, while it initially found support above $79,500, the cryptocurrency has seen that level decline to $79,000.
Bitcoin liquidations topped $88 million, while crypto-wide liquidations surpassed $302 million. The majority of these liquidations were due to leveraged long bets being wiped out. Bybit's Han Tan cautioned that bitcoin's rally may run out of momentum if U.S. Treasury Secretary Scott Bessent offers greater nuance to his 'Treasury twist' or if Fed Chair Kevin Warsh delivers an overtly hawkish signal at Jackson Hole this Friday.