Bitcoin Surges to $80,000 Ahead of Powell Speech
Bitcoin's price has reached $80,000, but traders remain cautious ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole on Friday. The recent surge in Bitcoin's value has brought both excitement and trepidation to the market.
According to Coinglass data, a total of 90,734 traders were liquidated in the past 24 hours, resulting in losses totaling $421.26 million. Meanwhile, SoSoValue reported net inflows of $232.1 million from spot Bitcoin ETFs on Wednesday and $192.4 million from spot Ethereum ETFs.
VeChain, Official Trump, and Ethena have been among the top gainers in the past 24 hours, with VeChain experiencing a notable surge. Solana's price also increased by 5% following Charles Schwab's addition of SOL, AVAX, and LINK to its crypto platform.
Some traders remain optimistic about Bitcoin's prospects, including Daan Crypto Trades, who believes that breaking and holding the $80,000 level will lead to a new higher high above $83,000. This could trigger stronger FOMO (fear of missing out), leverage, and potentially push prices towards $98,000.
On the other hand, KillaXBT notes that Bitcoin's failure to hold below $57,000 and weeks of consolidation above $62,000 suggest a weakening bearish case. He sees $82,000+ as the only area worth considering a hedge short. Michaël van de Poppe also shares his views on Bitcoin's price action, stating that the longer it holds current levels, the less likely it is to revisit its lows.