Bitcoin's Next Move: Bullish Bets Run Up Against a Historical Wall
Bitcoin is near $77,500 after a strong August rally that pushed it up about 25% from June lows and briefly above $81,000. The move was fueled by Treasury buybacks, which eased yields and sparked a crypto short squeeze, plus supportive SEC crypto guidance and ongoing ETF inflows. Momentum has cooled as hawkish Fed commentary revived rate-hike concerns ahead of the September meeting. Technicals are mixed: daily RSI is still bullish at 66.1 and ADX at 43.7 shows a strong trend, but the 50-day EMA remains below the 200-day EMA, signaling longer-term caution. Price also faces resistance near $82,500. On the monthly chart, Bitcoin reclaimed its 50-month moving average, a meaningful shift after a long downtrend, but monthly RSI and ADX are still only neutral. September seasonality and tighter macro expectations could pressure prices, even though the broader liquidity and regulatory backdrop remains supportive.
