Bitcoin Storms Past $79K, Hits Resistance Ahead of Key Catalysts

Bitcoin's price surged past $79K on Monday before hitting resistance near $80K. The digital asset's daily RSI (relative strength index) is now overbought in the 79-82 range, while the MACD remains firmly bullish. This suggests that bulls are still in control, but may be running out of steam.

The price rally has been fueled by relentless demand for U.S. spot bitcoin exchange-traded funds (ETFs), with $2 billion poured into these products last week. Additionally, the U.S. Treasury's decision to double the size of longer-dated buyback operations and leverage have contributed to the surge.

Despite the latest rise, Bitcoin ran into a wall at $79,406 on Monday morning, with resistance above that level looking increasingly stubborn. Over the coming weeks, traders will be watching several major catalysts, including the Jackson Hole central bank symposium and the Fed's September federal funds rate decision.