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Bitcoin tops $80,000 as momentum indicator warns of a pause
CoinDesk Data flagged bitcoin’s momentum gauge near 78 on a 0 to 100 scale, which typically signals prices have run too fast and may pause.
Bitcoin climbed above $80,000 Tuesday, gaining 4% on the day and more than 25% over the past week, CoinDesk Data reported. The move extended a rally tied to expectations around the U.S. Treasury’s plan to expand bond buybacks and revived the so-called “debasement trade.”
CoinDesk Data also pointed to positioning that may be getting stretched, citing a widely watched momentum measure near 78 for bitcoin. On that 0 to 100 scale, Bitfire Research said readings above 70 are usually interpreted as a sign the price climbed too quickly and could pause, with potential selling pressure between $78,500 and $82,000.
The same report said buyers are likely to step in around $72,400 to $73,500. Traders were also looking ahead to Federal Reserve Chair Kevin Warsh’s Jackson Hole speech and other policy and economic developments, CoinDesk said.
Among other major tokens, Solana rose nearly 8% to just above $101 and was up almost 35% over seven days as validators considered proposals to slow new SOL issuance and increase token burns. XRP led major cryptocurrencies with a weekly gain of more than 52%, while voting on the Solana proposals closes Thursday, CoinDesk added.
Latest closeBitcoin $84,236.73 ▼2.2%|Solana $114.95 ▼3.0%|XRP $1.494 ▼5.0%