Bitcoin Price Stalls at Resistance Wall Amid Weakened Rally

Bitcoin's price surge in August has left many wondering where it will go next. The cryptocurrency gained nearly 25% in August, its best performance since 2017, closing the month above its 50-month moving average for the first time since last year's crypto winter began.

The daily chart shows that Bitcoin is already stalling under a resistance wall that held since late August, and September is historically the weakest month for the currency. On Myriad Markets, traders are pricing a 77% chance BTC hits $84,000 before it dumps to $55,000, indicating they still expect the rally to continue.

However, experts note that the recent rally was fueled by Treasury Secretary Scott Bessent's decision to double long-end bond buybacks and regulatory tailwind from the SEC. The rally cooled after Fed Chair Kevin Warsh warned of inflation concerns at Jackson Hole, reviving talk of a rate hike at the September 15-16 meeting.