Bulls Reload for Another Assault on $81K as Bitcoin’s Price Rises

Bitcoin Reclaims Ground After Recent Pullback

Presently, at 10:10 a.m. Eastern time, BTC is trading for $78,650 per coin after touching the 24-hour peak at 9:30 a.m. Its price has been in the green over the last day after the recent pullback, and seven-day stats show BTC is up 1.8%. Since July 30, bitcoin’s price has climbed by 23.5% against the U.S. dollar. The day’s trading volume has registered around $13.1–$13.9 billion across major venues.

Despite the rise in bitcoin prices and a slew of altcoins, only a small amount of liquidations has occured in the derivatives sector. Coinglass.com stats show that over the past day, $75.71 million in crypto shorts and longs have been liquidated, resulting in 43,050 traders losing their positions. Bitcoin liquidations accounted for $21.84 million, of which $19.53 million were made up of short bets. The leading crypto asset’s futures open interest stands at $54.83 billion on Sunday.

Technicals Keep Bitcoin’s Uptrend Intact

Technicals show that bitcoin’s uptrend is still intact. At the time of writing, bitcoin’s price sits comfortably above the 20-day, 50-day, and 200-day moving averages. Oscillators like the daily relative strength index (RSI) are neutral, sitting at around 73, and the Stochastic is hovering a bit higher at 83. The moving average convergence/divergence (MACD) remains positive on the daily timeframe, showcasing the trend’s current strength.

Immediate resistance is the $79,000 range and higher, and more specifically, the recent $81,000 rejection zone. A high above this area could restart last week’s rally and push bitcoin prices forward. Near term support is $77,500, and if that were cut away, $73,000–$74,650 could stop bears temporarily. Bitcoin’s price has deeper support around $68,000 to $69,000 near the 200-day averages. Metrics further show that volume balance has been rather constructive on up days.

September Brings a Packed Calendar of Market Catalysts

Traders and market observers should watch out for negative headlines alongside constructive ones. Specifically, watching things like liquidity, volume, and exchange-traded fund (ETF) inflows. Volatility could increase around any types of macroeconomic data or crypto-centric policy headlines.

In September, markets will be keeping an eye on developments in the Middle East as far as the war and the Strait of Hormuz are concerned. Alongside this, there’s the September Fed meeting and the possibility of Senate action on the CLARITY Act, which could quite literally go both ways.