Foreign media reports that after hitting a high at the end of August and then pulling back, Bitcoin did not continue to weaken but stabilized around $77,000. Trader DonAlt believes that since the price has remained stable above the key support level, there may be a new round of upward movement in the short term.
Retraced to hold around $77,000
The report mentioned that Bitcoin once rose above $80,000 in late August, before falling back to around $77,000. Although there was significant selling pressure during the session, the decline did not further expand, and the price began to recover thereafter.
Bitfinex Previously, after Federal Reserve officials Kevin Warsh sent out more hawkish signals, Bitcoin experienced a decline of nearly 6% during trading. However, the price still held around $77,100, indicating that there was still buying interest at lower levels.
Strategy Continues to Increase Holdings in Bitcoin
Apart from price performance, institutional buying remains a focal point of market attention. Reports indicate that Strategy, led by Michael Saylor, purchased an additional 4,603 bitcoins between August 24th and 30th, for a total amount of approximately 369.7 million US dollars, with an average purchase price of 80,318 US dollars per bitcoin.
This means that even though the fluctuations increased at the end of the month, Strategy continued to execute its Bitcoin reserve strategy. During the same period, large-scale on-chain transfers also remained active. On August 31, Whale Alert monitored a transfer of 1,922 Bitcoins, worth approximately 149.7 million US dollars, which occurred between two unknown wallets.
Above $80,000 remains a challenge
From a monthly perspective, Bitcoin has just concluded an August that has been relatively strong in recent years. Reports cite data showing that Bitcoin's return rate in the third quarter of this year was approximately 32.48%, which is significantly higher than the historical average of 7.94% for the third quarter. This performance comes after two consecutive quarters of decline, creating a notable contrast.
However, not all analysts agree that a new round of continuous upward trend has begun. Mike McGlone, who has been bearish on Bitcoin in the long term, believes that the macro environment still poses pressures, including factors such as Federal Reserve policies, internal competition within the crypto market, and the increasing correlation between Bitcoin and the stock market.
In this context, the range of $80,000 to $81,000 is considered an important observation point for the coming period. If prices continue to stabilize and break through this range, market sentiment may further improve; if they encounter resistance and fall back, short-term divergences may still widen.
