Bitcoin's Failed Breakthrough Puts $75,000 Back on the Table

Bitcoin's failed attempt to break through $81,000 has put $75,000 back on the table. The cryptocurrency is trading near $78,000 heading into the weekend, stuck between $77,000 support and $80,000 resistance. On August 28, Bitcoin briefly touched an intraday high above $81,000 but reversed after Kevin Warsh's Jackson Hole remarks increased September rate-hike odds to around 55%.

Warsh stated that the Fed still had work to do if inflation failed to return toward its target. This repricing pushed Bitcoin back below $80,000 by the close, turning a level buyers had briefly reclaimed into resistance and leaving $77,000 as the immediate line traders have to defend.