Bitcoin Price Teeters at $80K Ahead of Jackson Hole Volatility

The price of Bitcoin is currently hovering near $77,175 after retreating from its recent peak of $80,000. According to TradingView data, this marks a 22% gain over the past seven days.

However, despite the rally, whale activity remains subdued, and leverage has fallen. This suggests that the current recovery may be more of a relief rally rather than a sustainable trend reversal.

The upcoming Jackson Hole event on August 27-29 is expected to raise volatility around $80,000 and $73,000. Crypto Rover, an analyst, notes that Bitcoin has shown sharp volatility after Jackson Hole events since 2022, with the $80,000 level serving as an upside trigger and the $73,000 level as a bearish reaction zone.