Bitcoin Stuck Between $77,000 and $80,000 as Market Awaits Next Move
Bitcoin's price has been stuck between $77,000 and $80,000 after failing to break through $81,000 on August 28. The rejection led to a repricing of Bitcoin, with September rate-hike odds rising from around 40% to 55% following Kevin Warsh's Jackson Hole remarks. This shift in sentiment has made it more difficult for buyers to reclaim $80,000, turning it into resistance and leaving $77,000 as the immediate line traders must defend.
The removal of a major positioning anchor on Deribit after $6.44 billion in Bitcoin options expired on Friday at 08:00 UTC has also contributed to the price volatility. This expiration removed a cluster that had helped keep prices anchored near key strikes through the week, leading to a more fluid market.
The weekend's trading will be influenced by the pause in spot Bitcoin ETF inflows due to US equity trading schedules. However, CME crypto derivatives remain active 24/7 since late May, allowing institutional futures to trade on Saturday and Sunday without interruption.