Bitcoin Tops $77,800 as Analysts Warn of Resistance at $80,000

Bitcoin has surged to around $77,800 in just seven days, up 22% from its weekly low of $63,387. Analysts are now looking to the Jackson Hole meeting as a key test for the cryptocurrency, with some predicting that it will face resistance at $80,000.

CoinShares' head of research, James Butterfill, argues that Bitcoin's price move is 'a macro story, not a crypto one.' He points out that softer inflation and weaker payrolls have undermined the case for further Federal Reserve rate hikes. As a result, he expects the market to hold its range with $80,000 serving as an 'important upper boundary.'

Whales have stopped selling and begun accumulating again, but Butterfill notes that this is not yet at a scale that would imply an immediate and sustained breakout.