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Bitcoin climbed back above $79,000 on Monday, rising 1.56% to $79,079 as total crypto market capitalization increased 1.1% to $2.65 trillion. Spot Bitcoin ETFs recorded $216.70 million in net inflows on August 31, while Strategy announced its first purchase in about two months, acquiring 4,603 BTC for roughly $369.7 million at an average price of $80,318. The buying lifted the company’s total holdings to 845,050 BTC. Technical analysts see the 50-week simple moving average as the key resistance level, with a break above it supporting a target of $88,000 to $90,000. Macroeconomic risks remain, including Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole remarks and rising oil prices driven by U.S.-Iran tensions around the Strait of Hormuz.
Key Elements
Bitcoin reclaimed the $79,000 level on Monday as fresh capital flowed into spot exchange-traded funds and corporate buyer Strategy disclosed its first major purchase in roughly two months. The recovery puts the largest cryptocurrency back within reach of a technical breakout that some analysts say could open a path toward $90,000.
The broader digital asset market followed the move higher, with total market capitalization rising 1.1% to $2.65 trillion. Bitcoin traded at $79,079 as of 08:39 Istanbul time, up 1.56% over the prior 24 hours. Ethereum advanced 2.01% to $2,478, XRP climbed 2.01% to $1.38, and Solana added 1.68% to $104.10.
Fresh institutional demand underpinned the session’s positive tone. Spot Bitcoin ETFs recorded $216.70 million in net inflows on August 31, according to market data, while spot Ethereum ETFs pulled in $87.68 million the same day. Flows into altcoin products were more modest: XRP ETFs took in $5.64 million, Solana ETFs attracted $925,910, and HBAR ETFs added $399,140. Several other altcoin-linked funds, including those tied to DOGE, HYPE, BNB, LINK, LTC, AVAX, and DOT, saw no activity.
Strategy, the corporate treasury that has become synonymous with Bitcoin accumulation, announced it purchased 4,603 BTC between August 24 and August 30. The company spent approximately $369.7 million at an average price of $80,318 per coin. The acquisition lifts Strategy’s total holdings to 845,050 BTC and marks its first purchase since June. Traders widely view such corporate buying as a signal of sustained institutional conviction in the asset class.
The rally arrives against a backdrop of renewed macroeconomic uncertainty. Federal Reserve Chair Kevin Warsh used his Jackson Hole speech to warn that inflation remains above the central bank’s 2% target and that summer data had not shown meaningful underlying improvement. Those remarks prompted markets to reassess the interest-rate outlook, with tighter policy potentially limiting liquidity available for speculative assets.
Geopolitical tensions added another layer of complexity. Brent crude climbed above $90, reaching $91.25 on Monday after U.S. forces struck Iranian launchers on Larak Island. Fears of further supply disruption around the Strait of Hormuz pushed energy prices higher, raising the prospect that elevated fuel costs could complicate future monetary easing.
Technical analysts are watching a series of levels to gauge whether the rebound has staying power. Bitcoin recently surged from $63,000 to $79,500 in just five days, a $16,500 advance that has left the market consolidating beneath several key moving averages. The four-hour chart shows price compressing inside a triangle pattern above an ascending trendline.
According to crypto analyst Ted Pillows, the cryptocurrency sits between its 50-week exponential moving average as support and its 50-week simple moving average as resistance. Reclaiming the latter would support a target range of $88,000 to $90,000. A close below the 50-week EMA, by contrast, would shift focus toward $74,000.
On shorter timeframes, an upside break must first convert $78,500 from resistance into support. The recent $79,500 peak would then become the next test, followed by $82,000 and the stronger $82,825 barrier. A confirmed daily close above $82,825 would mark a higher high and weaken the sequence of lower highs that has defined recent price action. A triangle breakdown, however, would expose $76,000, with additional support near $74,000 and $73,000.
Daily momentum indicators offer a mixed picture. A bullish cross between the 50-day and 100-day moving averages has appeared, echoing a pattern from January 2023 when Bitcoin fell 17% before rallying 546%. The MACD line sits above its signal line, and the relative strength index has broken its descending trendline. Yet the price still faces a descending structural barrier, and last week’s shooting-star candle suggests selling pressure near the rally peak.
ETF flows underscore the tension between short-term price action and longer-term positioning. Spot Bitcoin ETFs recorded $201.81 million in net outflows on August 28, ending an inflow streak that had been running since August 17. ARKB led the withdrawals with $114.89 million, while IBIT lost $33.40 million. The subsequent rebound in inflows on August 31 suggests investors quickly returned to the market.
This week’s U.S. economic data will likely shape the next move. Labor market figures in particular could influence expectations for Fed policy. Strong employment numbers would reinforce the case for continued tightness, while weaker data could revive hopes for rate cuts and ease macro pressure on Bitcoin. Investors are tracking both corporate demand and the broader macro environment as they assess whether the push above $79,000 can hold.
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Source: finance.biggo.com