Currently, at 10:10 AM Eastern Time, $BTC is trading at $78,650 per coin after reaching a 24-hour high at 9:30 AM. Over the past day, following a recent pullback, its price has been in the green, and over the seven-day period, $BTC is up 1.8%. Since July 30th, the price of Bitcoin has increased by 23.5% against the US Dollar. The daily trading volume on major exchanges amounted to approximately $13.1-13.9 billion.
Despite the rise in Bitcoin and many altcoin prices, only a small number of liquidations have occurred in the derivatives sector. Statistics from Coinglass.com show that over the past 24 hours, cryptocurrency short and long positions worth $75.71 million were liquidated, resulting in 43,050 traders losing their positions. Bitcoin liquidations accounted for $21.84 million, of which $19.53 million were short positions. The open interest for futures on the leading crypto asset on Sunday was $54.83 billion.
Technical Indicators Confirm the Persistence of Bitcoin's Uptrend
Technical indicators show that Bitcoin's uptrend remains intact. At the time of writing, Bitcoin's price is confidently holding above the 20-day, 50-day, and 200-day moving averages. Oscillators, such as the daily Relative Strength Index (RSI), are in a neutral zone around 73, while the Stochastic is oscillating slightly higher at around 83. The Moving Average Convergence Divergence (MACD) indicator on the daily timeframe remains positive, indicating current trend strength.
The nearest resistance is in the range from $79,000 and above, more specifically, the recent rejection zone around $81,000. A breakout above this area could resume last week's rally and push Bitcoin prices higher. Short-term support is at $77,500, and if broken, the $73,000–$74,650 level could temporarily halt the bears. Deeper support for Bitcoin's price lies in the $68,000 to $69,000 range, near the 200-day moving averages. The indicators also show that the volume balance on up days has been quite positive.
September Brings a Busy Calendar of Market Catalysts
Traders and market observers should pay attention not only to positive news but also to negative ones. In particular, one should monitor metrics such as liquidity, trading volume, and inflows into exchange-traded funds (ETFs). Volatility may increase following the release of any macroeconomic data or policy news concerning cryptocurrencies.
In September, markets will be watching developments in the Middle East related to war and the Strait of Hormuz. Alongside this, the September Fed meeting will take place, and the Senate may pass the CLARITY Act, the outcome of which could be completely uncertain.
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