Bitcoin Price Stuck Below $78K as ADX Falls to 12
Bitcoin's price has been stuck below $78,000 after pulling back from its recent high near $81,300. The asset has lost around 1.9% over the past week and is currently trading at around $77,978.
The decline comes on the heels of a nearly 25% advance in August, Bitcoin's strongest monthly performance since November 2024. However, profit-taking increased as buyers struggled to push the price through the $81,000-$82,000 resistance zone.
The daily chart shows that Bitcoin is still holding above its Supertrend support at $72,310 and maintaining a bullish trend on the daily timeframe. However, repeated rejections below $80,000 have left the price inside a short-term range, with neither buyers nor sellers showing enough strength to establish control.
The Federal Reserve's concerns about inflation and potential interest-rate hikes are also weighing on demand. US spot Bitcoin exchange-traded funds recorded around $201.8 million in net outflows on August 28, ending a nine-session inflow streak that had brought more than $3 billion into the funds.