$BTC Tonight’s key battle: if 77.5K can’t hold, 75K to be seen!
Yesterday we were still saying that the 1H and 4H are entering a consolidation range, and 78.5K is the center. But we didn’t expect the Asian session to push directly up to 81.3K—only for the European session to then unwind everything.
Now, the bigger direction on the BTC daily chart is still bullish, but the upside momentum has clearly slowed down. Tonight, PCE is the real key. It’s likely to come in line with expectations, so the impact probably won’t be too significant.
What you really need to watch is this: if PCE is noticeably lower than expected, BTC may continue to surge; but as long as it’s higher than expected—even just slightly higher—it could turn into a short-term bearish catalyst.
On the chart, BTC has tried to break above 80K three times in a row and each time saw heavy sell pressure. However, the sell pressure on exchanges is currently decreasing, which is a relatively positive signal.
Next, focus on two levels: 77.5K is the first line of defense. If it breaks, then watch 75K. On the upside, look at the 82K–83K resistance zone.
The options data for August 29 is also interesting: the Call Wall is at 83K, and the Put Wall is at 77.5K.
In simple terms: if 77.5K holds, keep looking toward 82K+; if it breaks below 77.5K, first protect against 75K. Tonight’s PCE could be the next wave’s directional selector.
#BTC
Yesterday we were still saying that the 1H and 4H are entering a consolidation range, and 78.5K is the center. But we didn’t expect the Asian session to push directly up to 81.3K—only for the European session to then unwind everything.
Now, the bigger direction on the BTC daily chart is still bullish, but the upside momentum has clearly slowed down. Tonight, PCE is the real key. It’s likely to come in line with expectations, so the impact probably won’t be too significant.
What you really need to watch is this: if PCE is noticeably lower than expected, BTC may continue to surge; but as long as it’s higher than expected—even just slightly higher—it could turn into a short-term bearish catalyst.
On the chart, BTC has tried to break above 80K three times in a row and each time saw heavy sell pressure. However, the sell pressure on exchanges is currently decreasing, which is a relatively positive signal.
Next, focus on two levels: 77.5K is the first line of defense. If it breaks, then watch 75K. On the upside, look at the 82K–83K resistance zone.
The options data for August 29 is also interesting: the Call Wall is at 83K, and the Put Wall is at 77.5K.
In simple terms: if 77.5K holds, keep looking toward 82K+; if it breaks below 77.5K, first protect against 75K. Tonight’s PCE could be the next wave’s directional selector.
#BTC
