Bitcoin Stalls Near $80,000 as Traders Await PCE Data and Fed Speech
Updated
Updated · Yahoo Finance · Aug 26
Bitcoin Stalls Near $80,000 as Traders Await PCE Data and Fed Speech
3 articles · Updated · Yahoo Finance · Aug 26
Summary
Bitcoin traded around $79,000 in London after briefly topping $81,000 on Tuesday, with the rally losing momentum at the closely watched $80,000 threshold.
Profit-taking ahead of the core PCE inflation report and Fed Chair Kevin Warsh's Jackson Hole speech has checked gains, while easing Middle East tensions, lower oil prices and falling US yields also dulled demand.
The token is still up about 22% since Aug. 20, when Treasury Secretary Scott Bessent said the US would at least double planned purchases of outstanding 10- to 30-year debt.
US spot Bitcoin ETFs added about $314 million on Tuesday for a fifth straight session above $300 million, but analysts said overbought readings and weak US spot demand point to near-term consolidation.
Analysts see resistance in the $80,000-$83,000 zone and warn Bitcoin may have hit a short-term high, though a sustained breakout could open a path toward $95,000 to $100,000.