Bitcoin Holds the $78,000 Line as Spot Buying Sustains the Rally

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Bitcoin is consolidating around the $78,000 level after surging 24% in August, successfully defending its gains. The cryptocurrency repeatedly faced resistance near $82,000, but spot-driven buying has underpinned the price even as perpetual futures open interest fell to its lowest level since May. U.S. spot Bitcoin ETFs saw nine consecutive trading days of inflows totaling $924 million, though the streak ended on the 28th of last month with a net outflow of $202 million. Rising oil prices, climbing U.S. 10-year Treasury yields, and strengthening expectations for a September rate hike are capping further upside. Market attention now turns to the U.S. August jobs report due on the 4th as the next key catalyst.

Key Elements

Bitcoin is taking a breather around the $78,000 level after surging 24% during August. While the cryptocurrency repeatedly encountered selling pressure near $82,000, market analysts point to spot-driven buying as the key factor preventing a deeper pullback and preserving the monthly gains.

According to global crypto market data platform CoinGecko, Bitcoin traded at $78,814 as of 4 p.m. on the 1st, up 2.0% over the past 24 hours. Ethereum also rose 2.7% over the same period to $2,475.

Based on CoinDesk data, Bitcoin traded slightly above $78,400 during Asian trading hours, moving within a range of $77,200 to $79,200 over the past 24 hours. The 24% monthly gain recorded last month was the strongest since November 2024.

Major altcoins were mostly weaker. Solana traded around $104 and XRP slipped below $1.40, each down roughly 1%. Binance Coin (BNB) traded near $693. In contrast, Hyperliquid (HYPE) stood out with a gain of about 4% to around $84.

Yusuf Parkro of ARP Digital highlighted the significance of the price holding firm even after the recent 23% surge. “This rally was not a short-term spike driven by excessive leverage but rather the result of spot buying support,” he said. “The fact that Bitcoin is defending the $78,000 area after a 23% surge is more important than the rally itself.”

Supporting this analysis, perpetual futures open interest has fallen to its lowest level since May, while U.S. spot Bitcoin exchange-traded funds (ETFs) recorded their strongest weekly demand since October 2025. U.S. spot Bitcoin ETFs attracted a cumulative $924 million over nine consecutive trading days. However, the streak of consecutive net inflows ended on the 28th of last month with a net outflow of $202 million.

Some analysts argue that fresh catalysts are needed for further upside. Wintermute noted that Bitcoin is facing resistance near $82,000 and has struggled to find clear short-term direction. “The market is on edge, but there is a lack of clear short-term direction,” said Jasper De Maeyer, an over-the-counter (OTC) trader at Wintermute.

Additional headwinds for the crypto market include rising international oil prices and U.S. Treasury yields. Following U.S. military action near the Strait of Hormuz, Brent crude rose about 1% to around $91 per barrel, while the U.S. 10-year Treasury yield climbed to 4.78%, pressuring risk-asset sentiment.

Expectations for a September rate hike have also strengthened significantly following Federal Reserve Chair Kevin Warsh’s Jackson Hole speech. The market now prices in a roughly 64% probability of a Fed rate hike on the 16th, up sharply from about 36% before the Jackson Hole address.

Market attention now shifts to the U.S. August jobs report due on the 4th. The data is viewed as the last major variable that could influence the Fed’s rate decision ahead of the September Federal Open Market Committee (FOMC) meeting. Market participants are watching whether a stronger-than-expected jobs print could push Treasury yields higher and test Bitcoin’s recent low near the $77,200 level.

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Source: finance.biggo.com