Bitcoin's Crucial Resistance Zone: Will BTC Hit $100K or Fall to $70K?
Bitcoin is hovering around the critical $80K-$81K resistance zone after retreating from its three-month high of $81,455.
The cryptocurrency's price momentum has improved, with technical indicators such as MACD turning bullish and RSI moving above 50. However, Binance whale inflows have climbed sharply to $5.5 billion, while U.S. economic data could influence broader risk appetite.
According to CryptoQuant analyst BorisD, the increased Binance whale inflows do not necessarily represent incoming selling pressure. Large holders may be using Bitcoin as collateral for leveraged positions instead.
The upcoming U.S. employment report on September 1 and ISM Manufacturing PMI data could further test the market's resolve around $81K resistance. Economists expect payrolls to increase by about 45,000, which could influence expectations for tighter monetary policy.