Bitcoin price hovered near $78,800 on August 30 following a rejection above the $80,000 level. The broader crypto market gained 1.33% to reach a $2.65 trillion valuation, while the Fear and Greed Index registered 72.
Bitcoin advanced $14,775 during the week ending August 23, representing a 23.5% gain. The movement followed improved regulatory expectations and weaker dollar conditions. The price remained below its recent peak of $81,265.
Institutional Demand and ETF Activity
Bitcoin spot ETFs recorded $242.3 million in inflows on August 27, though the products then saw $201.9 million in outflows on August 28, ending a nine-day positive streak. Spot Ethereum ETFs showed stronger momentum, attracting $102.1 million on August 28 for their tenth consecutive day of inflows.
BlackRock's spot Bitcoin and Ethereum ETFs reportedly attracted over $1.58 billion during the past week.
Key Economic Events This Week
A series of macroeconomic releases could determine Bitcoin's near-term direction. Tuesday brings August's ISM Manufacturing PMI and July's JOLTS job-openings report. Wednesday features ADP's private-payroll estimate and the Federal Reserve's Beige Book.
Thursday includes weekly jobless claims and remarks from Federal Reserve Governor Christopher Waller. Friday delivers nonfarm payrolls, unemployment data, and average hourly earnings, making it the week's pivotal session.
Weaker labor readings could support risk assets, while stronger figures may revive concerns about restrictive policy and higher yields.
Technical Levels
A daily close above $81,800 would strengthen the bullish setup and could open pathways to $83,000 and $85,000. Initial support stands between $77,500 and $76,000, with a stronger floor at $75,000.
