Bitcoin Price Hits Resistance as Traders Weigh Leverage and Regulatory Risks

Markets are closely watching Bitcoin's (BTC) price action as it approaches key resistance levels. According to data from TradingView, a clear short-term resistance lies around $81,000, while a dip to around $74,000 could be seen as a buy zone before the price resumes its move towards $81,000. This is based on two near-term scenarios presented by analysts.

A notable trend in the market has been the use of leverage by traders, with one source reporting that 15 consecutive shorts were placed on BTCUSD spot CFD in just five days, resulting in a loss of approximately $4.56 million. The 15th short was a 300 BTC position at 40x leverage.

The odds of a price surge to $82,700 have been priced into the market by traders ahead of the Senate Clarity Act vote on September 15. This event has also led to ongoing CFTC and SEC rulemaking affecting Bitcoin trading.

Active Bitcoin addresses are around 543,000, but recent spot CFD rallies have not seen a sustained rise in active addresses, and open interest remains below prior highs.