First bear-market trend line reclaim since 2025: Five things to know in Bitcoin this week
Bitcoin entered the final week of August near its highest level since mid-May after a 27% five-day rally, closing last week above the 50-week EMA around $77,752. Traders see the $80,000 area as key resistance, and some warn the move could still form another lower high unless BTC holds these gains. Price is up 22% month-to-date, putting August on track for its best performance since 2017. Onchain data shows short-term holder cost basis near $68,700 and a critical support zone between $68,000 and $73,000. Losing that band would push many recent buyers back into loss. Macro catalysts include Jackson Hole, Fed chair Kevin Warsh’s first major speech, and Wednesday’s PCE inflation report. Markets currently price a 63.1% chance of no September rate cut. US spot Bitcoin ETFs saw $1.9 billion of net inflows last week, the strongest in 10 months, after a Treasury debt-buyback move helped spark a major crypto short squeeze.
