Will Bitcoin be at or above $78,250 on Aug 29?
Signal ended
Entry · NO82¢
PublishedAug 29
Aug 29 forecast
Bitcoin was trading below the threshold after a steep selloff, so a qualifying Bitcoin close is a long shot.
Contemporaneous spot readings clustered below $78,250 after Bitcoin reversed sharply from above $81,000. Long liquidations, a stronger dollar and rising Treasury yields reinforced the decline. Recent ETF inflows and Bitcoin's demonstrated volatility leave room for a rebound, but the required Binance close remains a long shot.
Points to NO
- Bitcoin entered the resolution day below $78,250, leaving a late rebound necessary and lowering the chance of a qualifying close.At 06:31 UTC on Aug. 29, Decrypt displayed Bitcoin at $77,447, down 3.04%.
- The violent reversal from above $81,000 shows strong immediate selling pressure, making a sustained recovery above the threshold harder.On Aug. 28, Bitcoin rose above $81,300 before falling below $77,000 within hours as nearly $488 million of crypto positions were liquidated, including more than $360 million of leveraged longs.
- A stronger dollar and higher Treasury yields created a less supportive backdrop for Bitcoin, increasing the risk that the selloff continues through the fixing window.On Aug. 28, the two-year Treasury yield rose to 4.312% and the U.S. Dollar Index advanced to 99.47 as Bitcoin sold off.
Points to YES
- Recent institutional demand could fuel a rebound, preserving a narrow path to a qualifying close despite the latest selloff.U.S. spot Bitcoin ETFs recorded $242.3 million of net inflows on Aug. 27, bringing Monday-through-Thursday inflows to about $1.13 billion.
Research and information only. Not financial advice or a recommendation to trade. Markets involve risk, including loss of capital. Review venue rules and eligibility before trading.