Bitcoin's Price Struggles to Hold Above $78,000 Amid Resistance Near $79,300-$80,000
Bitcoin's price is struggling to hold onto its recent gains after a sharp decline from the upper-$79,000 range. On August 31, 2026, the cryptocurrency plummeted to $77,024 before rebounding back above $78,000.
The rebound has been met with resistance near $79,300-$80,000, leaving the market in a state of uncertainty. The broader technical setup remains constructive, however, with moving averages flashing strong bullish signals.
Yusuf Fakhro, partner at ARP Digital, sees the 23% run-up as a genuine regime shift and not just a flash in the pan. He points to billions in short liquidations and falling perpetual open interest as evidence that forced buying cleared leverage instead of simply replacing it with another heavily leveraged run.
The oscillator board is neutral, refusing to confirm the bullish message coming from the moving averages. The momentum tape flashes a bearish signal, while the MACD level stands at 3,758 and flashes a bullish sign.