Bitcoin Price Falls Below $79,000 Amid Selling Pressure

Bitcoin's price has fallen below $79,000 after two days of selling following its rejection above $81,000. The cryptocurrency is trading near $78,700 on August 27, down roughly 0.4% over 24 hours.

The pullback began after Bitcoin reached an intraday high of $81,265 on August 25 and ran into its 50-week moving average near $81,085. This rejection also placed BTC below a resistance area extending towards the May swing high near $82,800.

Part of the rally that pushed Bitcoin up more than 23% in a week was supported by a weaker US dollar and demand linked to concerns over currency debasement. However, the move above $80,000 also left traders holding substantial short-term profits.