Bitcoin's Failed Breakout Leaves $75,000 on the Table
Bitcoin's price has retreated to around $78,000 after failing to break through the $81,000 level on August 28. The sharp rejection of this price target has put the $75,000 level back on the table as a possible downside scenario.
The failed breakout above $81,000 was triggered by Kevin Warsh's Jackson Hole remarks, which lifted the odds of a September rate hike to around 55% from roughly 40%. This repricing turned the $80,000 level into resistance and left $77,000 as the immediate support for Bitcoin.
The weekend will be crucial in determining whether buyers can absorb the hawkish shock and turn the failed breakout back into a bear trap. A sustained reclaim of the $80,000 level would suggest that buyers are reversing the selloff, while losing the $77,000 level with acceptance over several hours would move the setup from consolidation toward continued downside.
Regulated institutional derivatives, including those traded on CME, will remain active through the weekend, allowing for immediate reactions to any price movements. In contrast, US-traded spot Bitcoin ETFs will pause their creation and redemption activity due to the same weekday schedule as US equity trading.