Will Bitcoin be at or above $78,000 on Aug 29?
Signal ended
Entry · NO84¢
PublishedAug 29
Aug 29 forecast
Bitcoin is already below $78,000 after a sharp reversal, so a qualifying price on August 29 is a long shot.
Bitcoin has fallen below the threshold after retreating sharply from above $81,000. The selloff followed inflation-focused Federal Reserve remarks, rising yields and a stronger dollar, while liquidations and nearby overhead supply hinder a quick recovery. Recent ETF inflows provide some rebound potential, but they have not prevented the latest decline.
Points to NO
- The latest reported price is below the threshold after a steep intraday reversal, leaving weak momentum and little room for another failed rebound.At 2:55 a.m. on August 29, Bitcoin was reported at $77,417 after retreating from an intraday high of $81,148.
- Tighter-policy concerns strengthened the dollar and Treasury yields, creating a macroeconomic backdrop that can keep pressure on Bitcoin.On August 28, the two-year Treasury yield rose to 4.312% and the U.S. Dollar Index increased to 99.47 after Kevin Warsh's speech.
- Heavy nearby sell orders can absorb rebound demand before Bitcoin establishes a cushion above the threshold.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 ETF inflows provide a source of dip-buying demand that could still power a late recovery.U.S. spot Bitcoin ETFs recorded $242.3 million of net inflows on August 27, their ninth consecutive inflow day.
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