🔥【8.29 BTC Review】The 80k level has been lost! The Fed’s one sentence triggered a thousand-point plunge—are the bulls panicking?
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📊 Yesterday’s price action: Rally followed by a sharp pullback and brutal shakeout
· Surged to 81,281 in the morning, a new three-month high, then abruptly reversed lower
· Broke below the 80,000 psychological level, hitting a low of ~76,900
· Ultimately closed at 77,700-77,900, down approximately 3% for the day
💥 Trigger: Waller’s hawkish remarks sent rate-hike expectations soaring
· The probability of a rate hike in September climbed above 60%, while U.S. Treasury yields jumped
· Risk assets retreated across the board, with the crypto sector following; SOL and XRP both fell more than 4%
· BTC’s correlation with gold rose to 50%+, and although the safe-haven asset narrative remains intact, it is still under pressure in the short term
📈 What is supporting the bulls?
· Spot Bitcoin ETFs saw $1.14 billion in net inflows this week, with cumulative inflows exceeding $3 billion over the past nine days!
· The medium-term moving averages (50/100/200) are all below price, keeping the bullish structure intact
· The “digital gold” narrative, combined with U.S. Treasury debt surpassing $40 trillion, leaves the long-term scarcity-asset thesis unchanged
🔑 Key levels
· Support: 76,500-77,000 (critical line); 75,000 (stronger)
· Resistance: 79,000-79,500 (short term); 80,000-81,000 (pressure zone)
💣 Liquidation data
· Total market liquidations reached $380 million, including $308 million in long liquidations and only $71.93 million in short liquidations
· When Bitcoin fell below 77,000, $200 million in long positions were liquidated within 60 minutes—the bulls suffered a brutal wipeout
🧐 Outlook
· Galaxy Digital research: In the past five bear markets, the bottom was confirmed in four cases after the first upward breakout of the 50-week moving average
· If 76,500-77,000 holds and a volume-backed rebound occurs, the medium-term uptrend will continue
· Crypto figure Jiang Zhuoer has sold half of his ETH holdings. Can BTC stay out of trouble? Will you buy the dip or stay on the sidelines?