Bitcoin Price Stalls Below $78,000 Amid Rising Volatility

The price of Bitcoin remains below $78,000 as some long-term holders sell their coins at an average loss of 20%. Despite this selling pressure, strong demand has helped support the market. According to Bitfinex, $1.61 billion in ETF buying over four days has provided a boost to the market.

As of now, the price of Bitcoin is trading around $77,178.62 after climbing to $77,600 before pulling back slightly. This move comes as some long-term holders sell their coins below their cost to raise liquidity, adding more supply to the market. However, strong demand has helped absorb this supply.

Market analyst Darkfost warns that the market is unlikely to move higher in a straight line due to rising volatility and large liquidation figures. Over $1.6 billion was liquidated over a 24-hour period, including about $866 million in long positions and $797 million in short positions.

The continued demand for ETFs remains one of the main points supporting the current market. Spot Bitcoin ETFs brought in $307 million on August 21, while spot Ethereum ETFs recorded $185 million in net inflows.