Key Points
- Bitcoin reached $78,960 on Sunday, rising 1.5%, as investors challenge the $79,000 resistance zone.
- Coinglass recorded $75.71 million in cryptocurrency liquidations, while open interest for Bitcoin remained at $54.83 billion.
- Bitcoin traders are eyeing the next target at $81,000, as September brings the Federal Reserve meeting and potential CLARITY Act action.
Currently, at 10:10 AM Eastern Time (UTC+8), Bitcoin is trading at $78,650, having hit a 24-hour peak at 9:30 AM (UTC+8). After a recent pullback, its price has maintained an upward trajectory over the past day, with seven-day statistics showing Bitcoin up 1.8%. Since July 30, Bitcoin’s price against the US dollar has risen by 23.5%. Trading volume for the day is registered at around $13.1 billion to $13.9 billion on major exchanges.
Despite the rise in Bitcoin’s price and the performance of numerous altcoins, liquidations in the derivatives sector remain minimal. Data shows $75.71 million in cryptocurrency long and short positions were liquidated over the past day, leading 43,050 traders to lose their positions. Bitcoin’s total liquidations amounted to $21.84 million, of which $19.53 million came from short bets. The leading crypto asset futures open interest stood at $54.83 billion on Sunday.
Technically, Bitcoin’s upward trend remains intact. At the time of writing, Bitcoin’s price is steadily above the 20-day, 50-day, and 200-day moving averages. Oscillators like the daily Relative Strength Index (RSI) are neutral at around 73, while the stochastic indicator is slightly higher at approximately 83. The Moving Average Convergence/Divergence (MACD) remains positive on the daily timeframe, demonstrating the strength of the current trend.
Immediate resistance is above the $79,000 zone, more specifically at the recent $81,000 rejection area. A move above this region’s highs could reignite last week’s rally and push Bitcoin’s price higher. Short-term support is at $77,500; if this support is breached, $73,000–$74,650 may temporarily halt bears. Bitcoin’s price has deeper support near the 200-day average line in the $68,000 to $69,000 range. Data further indicates constructive trading volume balance during up days.
Traders and market watchers should pay attention to a blend of negative and positive headlines. Factors such as liquidity, trading volume, and exchange-traded fund (ETF) inflows remain crucial. Volatility may increase whenever macroeconomic data or crypto-related policy news is released.
In September, the market will closely watch developments in the Middle East, including warfare and the Strait of Hormuz. There’s also the Federal Reserve meeting in September and the Senate’s potential action on the CLARITY Act, which could bring two-sided effects.
