Bitcoin Price Rally Hits Resistance at $81,000
Bitcoin's rapid price recovery ran into resistance above US$81,000, causing it to slip back below US$79,000. The rejection near its 50-week moving average has left traders assessing whether this surge marks a more sustained crypto recovery or simply a temporary move.
Institutional demand remains a strong argument supporting the recovery, with ETF money continuing to flow into Bitcoin and other cryptocurrencies. US spot Bitcoin exchange-traded funds attracted US$337.56 million on August 24, while Ether funds drew US$115.57 million.
The recent increase in stablecoin liquidity is also providing additional capital capable of moving into digital assets. Tether's USDT supply increased by US$2.2 billion over the past week, while Circle's USDC added US$1.8 billion.