Bitcoin Price Volatility Continues as Market Awaits Key Economic Releases
The Bitcoin price hovered near $78,800 on August 30 after another rejection above $80,000. The wider crypto market rose 1.33% to $2.65 trillion, while the Fear and Greed Index reached 72.
Improving sentiment, strong weekly gains, and sustained institutional interest favor an upside in Bitcoin's price. The CMF (Chande Momentum Factor) data indicates that the cryptocurrency has maintained its bullish momentum despite failing to sustain an advance beyond $80,000.
The Treasury plans to at least double long-end liquidity-support buybacks from September 9, which helped weaken the dollar narrative and supported Bitcoin's role as a monetary hedge. However, profit-taking appeared after the three-month high above $81,000.
The key economic releases this week could determine whether Bitcoin escapes its range. The ISM Manufacturing PMI and July's JOLTS job-openings report will be released on Tuesday, followed by ADP's private-payroll estimate and the Federal Reserve's Beige Book on Wednesday.