Bitcoin Price Hits $77K, But $80K Resistance Looms Large

Bitcoin traded at approximately $77,100 on August 24 after extending its sharp weekly recovery. The cryptocurrency remained below $80,000, which serves as a concentrated technical resistance area according to analyst Jelle.

The momentum improved while recent buyers moved back into profit, repairing part of the damage created during the first half of August. Short-term holder profitability recovered as BTC reclaimed its recent cost bases, with a significant increase in unrealized profits and a decrease in unrealized losses.

CoinGlass data showed Bitcoin futures open interest near $55.7 billion on August 24, with rising open interest leaving the market more exposed to leverage-driven volatility around resistance. The immediate test now sits at $80,000, where weekly moving averages and seller interest have converged.