Will Bitcoin be at or above $78,000 on Aug 29?

Signal ended

Entry · NO71¢

PublishedAug 29

Aug 29 forecast

Bitcoin has fallen below the threshold after a sharp macro-driven reversal, so an August 29 price at or above $78,000 is a long shot.

Bitcoin entered August 29 below the threshold after retreating sharply from above $81,000. Rising Treasury yields, a stronger dollar and extensive long liquidations reinforce the downward momentum, while nearby sell orders could impede a quick recovery. Sustained spot-fund inflows provide some rebound potential, but they had not prevented the latest decline.

Points to NO

Bitcoin entered August 29 below the cutoff after a steep intraday reversal, leaving little time for buyers to restore the lost ground.
At 02:55 a.m. on August 29, Bitcoin was reported at $77,417 after retreating from an intraday high of $81,148 and losing 3.5% over 24 hours.
The selloff followed a rise in Treasury yields and the dollar, creating an unfavorable backdrop for an immediate cryptocurrency rebound.
On August 28, the two-year Treasury yield rose to 4.312% and the U.S. Dollar Index gained to 99.47 after Kevin Warsh’s speech.
Concentrated sell orders immediately above the threshold could absorb rebound attempts and keep the relevant price below $78,000.
An August 26 order-book snapshot showed about $478 million of limit sell orders between roughly $78,180 and $79,700.

Points to YES

Persistent spot Bitcoin ETF inflows provide a source of genuine demand that could support a late recovery toward the threshold.
U.S. spot Bitcoin ETFs recorded $242.3 million of net inflows on August 27, extending their positive streak and taking August inflows above $3 billion.

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