Bitcoin Price Hits $80,000 Resistance as Mining Firms Pivot to AI

Bitcoin's price has paused at the $80,000 resistance level, despite reaching as high as $81,000 briefly.

The token's largest weekly advance in over three years sparked a surge of buying momentum, with prices up about 22% since Treasury Secretary Scott Bessent announced plans to double purchases of outstanding long-term debt.

However, this momentum slowed ahead of Federal Reserve Chair Kevin Warsh's upcoming Jackson Hole speech.

Despite the price pause, institutional demand continues to support Bitcoin through traditional investment vehicles. U.S.-listed spot Bitcoin ETFs recorded $314 million in net inflows on Tuesday, extending a five-day streak of daily inflows exceeding $300 million.