Bitcoin Holds $77K as Bulls Keep August’s Best Week in Play

Bitcoin Consolidates Near $77,000 After Multi-Month Peak

Bitcoin (BTC) appeared to consolidate above $77,000 hours after reaching a multi-month peak. Despite the retreat, bitcoin remained on course to close the week with its highest gains in August so far, as it finally broke the $65,000 resistance level following weeks of failed attempts.

However, before the surge to the monthly peak, market data showed bitcoin rallied to $75,500 around 9:50 p.m. Thursday before a sell-off wave dragged it toward $74,000. Just over four hours later, the cryptocurrency was back above $75,500 as another massive rally pushed it to $79,491.

However, bulls backed off as bitcoin failed to hold its approach toward $80,000, slipping back under $77,000 and chopping sideways in that band. At 12:30 p.m. EST, bitcoin traded just above $77,300, translating to a daily gain of 6.4%. This gain lifted its market capitalization to $1.55 trillion, which helped push the broader cryptocurrency market capitalization to $2.63 trillion.

The market momentum has forced even prominent sceptics to take notice. Vocal bitcoin critic Peter Schiff grudgingly acknowledged that the cryptocurrency is functioning as an alternative to gold during monetary debasement, conceding that investors are treating both assets as competing stores of value in the face of inflation.