Bitcoin's Momentum Stalls at $81K as Markets React to Warsh's Jackson Hole Speech
Bitcoin's momentum stalled after breaching $81,000 on Thursday, as markets awaited Federal Reserve Chair Kevin Warsh’s inaugural Jackson Hole speech. The price briefly climbed to $81,455 before plummeting, echoing a similar pullback when the cryptocurrency topped $80,000 for the first time in more than three months.
The retreat trimmed bitcoin's weekly gain to 2%, pulling market capitalization down to $1.58 trillion from over $1.61 trillion. Despite the dip, bitcoin remains on track for double-digit monthly gains thanks to its sharp rally between Aug. 19 and Aug. 21.
On the derivatives market, bitcoin's reversal less than 24 hours after reclaiming $80,000 triggered $107 million in liquidations across long and short positions. According to Cryptoreviewing, a post on X noted that bitcoin swept the upside liquidity zone at $80,400 to $81,600 almost perfectly but failed to hold $80,000.
The analysis also highlighted a tight split: $50 million in longs and $57 million in shorts were wiped out. Across the broader crypto market, roughly $300 million in leveraged positions evaporated.