Bitcoin returned to $80,000 after a rally of about 24% in seven days, then stalled against resistance near $81,000-$82,000. Federal Reserve Chair Kevin Warsh added pressure on risk assets by saying another rate hike remains possible, while a separate report showed core inflation still running above target.
Bitcoin crossed $80,000 for the first time since May 15, capping a rally of about 24% over seven days. The advance stalled as buyers struggled to clear resistance between $81,000 and $82,000, leaving spot demand as the next test for the move.
Bitcoin returns to $80,000 after a 24% weekly rally
The rebound began from below $64,000 on Aug. 19 and has now extended to about 38% from Bitcoin's late-June low below $58,000. US spot Bitcoin ETFs recorded approximately $1.92 billion in weekly inflows over the same stretch. Analysts told crypto.news that short liquidations and US Treasury buybacks supported the initial move, but Bitcoin's struggle to clear the $81,000-$82,000 area leaves spot demand as an important test for the rally's durability.
Warsh signals another rate hike remains possible
Federal Reserve Chair Kevin Warsh put another interest-rate increase on the table during his Jackson Hole speech on Aug. 28. According to crypto.news: Warsh said the Fed would be "hard pressed" to describe financial conditions as restrictive and warned that rates could rise unless inflation returns quickly to the central bank's 2% goal.
The remarks followed data showing that headline personal consumption expenditures inflation reached 3.7% annually in July, while core PCE stood at 3.3%. Bitcoin briefly fell below $80,000 after the speech as traders reassessed the outlook for US monetary policy.
Source: crypto.news
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