Bitcoin's recent advance toward the $80,000 level shifted into a contraction phase after reaching a high of $79,473. The price subsequently dipped to $75,568 as selling pressure emerged near the psychological barrier. Despite the pullback, Bitcoin avoided dropping to its previous low of $71,000, trading around $76,248 in the upper portion of its expansion range.
Technical indicators reflect moderating momentum. The Relative Strength Index stood at 68.73, indicating reduced overbought pressure, while the MACD indicator narrowed without crossing below zero. Market participants are watching $75,568 as an anchor point for support, with a potential move toward $77,015 required to renew upward momentum.
The price rejection near $80,000 coincided with an increase in coins sent to exchanges, driven by short-term holders. Following a 23% price increase over three days, approximately 53,000 coins entered exchanges. Binance alone received 17,800 BTC in short-term holder inflows—the highest since February—with all transferred coins originating from wallets holding Bitcoin for less than one day. Long-term holders did not participate in the transfers.
Simultaneously, Binance Spot Delta declined toward -$11.6 billion during the price increase, illustrating how short-term capital drove volatility rather than committed accumulation.
However, spot selling pressure was partially counterbalanced by demand from U.S. Bitcoin exchange-traded funds. Between August 17 and August 21, these ETFs recorded $1.92 billion in capital inflows. Daily demand initially strengthened from $297.56 million to $606.29 million before easing to $307.45 million, bringing cumulative inflows to $53.71 billion. Analysts note that sustained ETF inflows will be crucial for maintaining support and extending the current market rally.
