Bitcoin consolidates near $80,000 after hitting $81,280 as buying momentum stays strong

Bitcoin consolidated near the $80,000 mark on Friday after hitting an intraday high of $81,280 as buying momentum stays strong. The cryptocurrency was trading at the $79,612 mark.

In the past 24 hours, Bitcoin was up 1.1%, and Ethereum was down 0.2% to trade at the $2,485 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano rallied up to 5.7%.

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Avinash Shekhar, Co-Founder & CEO, Pi42 said that Bitcoin is consolidating near the $80,000 mark after touching an intraday high of around $81,280, indicating that buying momentum remains intact despite intermittent profit-booking.

Shekhar further said that the rally is being supported by sustained ETF inflows, a softer dollar, improving regulatory sentiment and concerns around currency debasement, and investors should avoid chasing the rally through aggressive positions and consider entering gradually during price corrections.

The global crypto market capitalisation edged down 2.57% to $3.07 trillion, according to Coingecko.

Bitcoin’s move back toward $80,000 is increasingly looking like a test of conviction rather than a straightforward breakout. The broader structure remains constructive, with BTC holding above its 4-hour moving average and defending the $79,000 area, said Riya Sehgal, research analyst at Delta Exchange

Sehgal further said spot Bitcoin ETFs attracted more than $232 million on August 26, extending a strong run of inflows, while Ethereum ETFs drew nearly $192 million.

Over the past week, Bitcoin and Ethereum are up 6.9% and 6.2%, respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano rallied up to 19.8%.

Prateek Gupta, Head of Business, Mudrex said Bitcoin is holding above the $80,000 level after briefly breaking the $81,000 mark. Nvidia’s latest quarterly results supported a risk-on sentiment while institutional demand continued to sustain the Bitcoin rally.

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Market perspective

CoinSwitch Markets Desk: BTC is nearing a key $80K–$82K resistance zone, where almost 8% of BTC’s supply was previously acquired. Around 5% of total supply sits near $80K alone, meaning some investors may sell as BTC returns to their entry price, creating additional resistance.

Nischal Shetty, Founder, WazirX: Bitcoin maintains market leadership with 59.8% dominance, while Ethereum accounts for 11.2% and other assets 29%.Implied volatility is higher for Ethereum at 59.43, compared with Bitcoin’s 43.24, suggesting greater expected ETH price swings ahead.

Vikram Subburaj, CEO, Giottus: The recovery has brought Bitcoin back to the edge of an important resistance cluster after this week’s consolidation. Bitcoin’s broader structure remains positive, but investors should avoid reacting aggressively to a single-day move near major resistance. $78,000 remains the immediate support area, while $80,800-$83,300 is the key zone Bitcoin must clear to extend the rally.

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