Bitcoin Price Pulls Back Near $82K as Key Resistance Holds
Bitcoin's price stalled near $82,000 as key resistance held, causing it to pull back towards $81,150. The brief move above $82,000 was driven by softer Federal Reserve expectations and renewed demand for US spot Bitcoin ETFs.
The rally accelerated after Bitcoin broke out of a range around $77,000, $79,000, forcing short sellers to close leveraged positions and adding automatic buy orders to the market. CoinGlass data showed that the broader crypto market recorded over $500 million in liquidations during the rally, with short positions accounting for most of the total.
Galaxy Research data shared by analyst Quinten François placed Bitcoin's 50-week moving average near $81,041, almost level with the current market price. According to François, a move through $82,800 would produce the first higher high of the broader downtrend and bring $90,000 back into consideration.
US spot Bitcoin ETFs attracted $730.8 million in net inflows on Sept. 3, providing another source of demand. However, investors will now focus on the August employment report and upcoming inflation readings, which could impact market sentiment.