Bitcoin Hovers Around $77.5K Below Key $80,000 Resistance

Bitcoin traded near $77,500 on Monday, August 31, holding below the psychological $80,000 threshold following a recent market pullback.

The world's largest cryptocurrency traded around $77,474 during morning hours, slipping roughly 0.3% over the day and fluctuating within an intraday range of $77,400 to $78,200.

The retreat follows a rally last week that pushed Bitcoin to a three-month high of $81,238, supported by a softer US dollar and expectations of improved market liquidity following US Treasury statements regarding long-term bond buyback plans. Despite the late-month correction, August closed as a broadly positive month for the asset, with investor focus now centered on whether Bitcoin can reclaim and sustain support above the $80,000 resistance level.

N.Tebrizli