BTC Price Stuck at $78,800 as Sentiment Favors Upside Move

Bitcoin's price has been hovering around $78,800 after failing to break above $80,000. Despite this, market sentiment remains positive, with a Fear and Greed Index reading of 72. This improvement in sentiment, combined with strong weekly gains and sustained institutional interest, is favoring an upside move.

The wider crypto market has risen 1.33% to $2.65 trillion, while Bitcoin itself has gained $14,775 during the week ending August 23, its largest weekly dollar increase. This 23.5% advance followed improving regulatory expectations and softer dollar conditions.

However, profit-taking appeared after the three-month high above $81,000. An RSI reading near 50 signals balanced momentum, while a positive MACD preserves the recovery structure.