Bitcoin consolidates at $79,000 as profit-taking and consolidation keep market cautious. Here's what experts say

Bitcoin consolidated near the $79,000 mark on Thursday as profit-taking and consolidation keep the market cautious, and traders are waiting for the next trigger. The cryptocurrency was trading at the $78,797 mark.

In the past 24 hours, Bitcoin was down 0.12%, and Ethereum was up 1.30% to trade at the $2,491 mark. Among the major altcoins, BNB, Solana, and Dogecoin rallied up to 4.72%, whereas XRP, Tron, Hyperliquid, and Cardano corrected up to 2.13%.

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The crypto market is in a wait-and-watch phase after Bitcoin’s recent recovery. BTC is currently consolidating around $78,000–$79,000, with traders closely watching whether buyers can push the price back toward the $82,000 area, said Riya Sehgal, Research Analyst, Delta Exchange.

Sehgal further said that the current setup suggests profit-taking and consolidation rather than a clear bearish reversal, and for traders, attention now shifts toward the Jackson Hole event and upcoming Fed commentary; additionally, the next major U.S. inflation catalyst will be August CPI on September 11.

The global crypto market capitalisation went up 0.12% to $2.65 trillion, according to CoinMarketCap. The weighted sentiment of Bitcoin turned negative for the first time since the rally began, indicating the crowd still has not bought it despite the 25% jump in the price, said CoinDCX Research Team.

Prateek Gupta, Head of Business, Mudrex said since 2025, Bitcoin and Nvidia have recorded a rolling 90-day correlation of over 0.5, highlighting how closely crypto has increasingly traded with high-growth technology assets.

“With hyperscalers expected to spend roughly $725–730 billion on AI infrastructure in 2026, Nvidia’s strong performance supports the broader risk-on narrative. That said, the relationship can work both ways. If AI spending expectations weaken sharply, crypto could face spillover pressure as institutional investors reassess risk across high-beta assets,” Gupta further said.

In the past week, Bitcoin and Ethereum were up 12.90% and 10.17% respectively. Among the other major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano rallied up to 26.88%.

Vikram Subburaj, CEO, Giottus, said the crypto has managed to hold most of its sharp August gains despite hotter US inflation data; immediate support lies around $77,600-$78,000.

The latest on-chain data suggest that the recovery has a healthier foundation than a leverage-driven rally alone.

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Market perspective

CoinSwitch Markets Desk: BTC is holding near $78K, supported by seven consecutive sessions of inflows into U.S. spot Bitcoin ETFs and increased activity from Whales. The broader trend remains constructive, with BTC trading above both its 50-day and 200-day EMAs. In the near term, $77.5K is an important support level, while the $80K–$82.85K range remains the key resistance zone.

Nischal Shetty, Founder, WazirX: BTC holds above its 50-day and 200-day EMAs, but weakening momentum warrants caution. Crypto ETFs attracted $482.13 million on August 25: approximately $310 million into Bitcoin and $172 million into Ethereum. The market is entering a more constructive, institutionally supported phase. The inflows may help Bitcoin defend recent support and challenge resistance, while Ethereum could benefit from renewed allocation.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)