Bitcoin consolidated near the $79,000 mark on Wednesday as traders awaited key US macroeconomic data, including PCE inflation and GDP figures, while signs of profit-taking also emerged. The cryptocurrency was last seen trading at $78,766.
Over the past 24 hours, Bitcoin and Ethereum declined 1.48% and 1.05%, respectively. Among major altcoins, BNB, XRP, Solana, Tron, Dogecoin and Cardano fell by up to 4.80%, while Hyperliquid gained 1.53%.
Prateek Gupta, Head of Business, Mudrex said Bitcoin is consolidating around $79,000 as traders await key US macro data, including PCE inflation and GDP figures. While the broader uptrend remains intact, Bitcoin needs a sustained close above its 365-day moving average near $83,000 to confirm a stronger bullish breakout.
Gupta further said that profit-taking is emerging, with short-term holder whales realizing a record $1.2 billion in profits over the past three days which makes the week ahead crucial for Bitcoin’s next move.
The global crypto market capitalisation went up 1.52% to $2.65 trillion, according to CoinMarketCap. Sentiments remain ‘extreme greed’ despite the small pullback as the fear and greed index sticks to 80, said CoinDCX Research Team.
CoinSwitch Markets Desk said BTC pulled back below $80K and still needs to clear the key $82.8K–$83K resistance zone to strengthen the case for a new bull market. Improved ETF, spot and futures demand support the rally, but rising whale profit-taking, 53,000 BTC moving to exchanges and repeated rejection near $80K–$83K suggest short-term pullback risk.
In the last one week, Bitcoin and Ethereum were up 22.29% and 27.95% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano rallied upto 41.99%.
Nischal Shetty, Founder, WazirX, said liquidations reached $641.79 million, including $489 million in longs, confirming downside pressure. Yet, sentiment remains optimistic with the Fear and Greed Index standing at 80. Positive ETF flows of $10.13 million show continued institutional interest.
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Market perspective
Vikram Subburaj, CEO, Giottus: Bitcoin has gained roughly 25% during August. The rally has been supported by a weaker dollar and improving liquidity conditions. Renewed investor interest in alternative stores of value has also supported the move. July US PCE inflation and the second estimate of Q2 GDP are due later today, making them the immediate catalysts for global risk assets.
Piyush Walke, Derivatives Research Analyst, Delta Exchange: BTC is consolidating around $79,280 following its strong upward move. The broader trend remains bullish, with the price holding above the 55-EMA and 200-MA. Meanwhile, the RSI near 80 might result in short term cooldown in Bitcoin.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
