Bitcoin started the new week around $80K after rising to $81.7K on September 3rd and subsequent correction amid strong US labor market statistics. Institutional demand through US spot Bitcoin ETFs continues to support the cryptocurrency. This was told to Izvestia on September 7th by Kirill Komalenkov, Director of Strategic Communications at Bitbanker.
"To continue the upward movement, the market needs not just to overcome the $80K mark, but to consolidate above the $82-83K level on daily closes. In case of successful consolidation above this zone, the next target could be the $85-86K range. With sustained inflows into ETFs and a favorable external background, bitcoin could head towards $88-90K levels in the second half of September," the expert explained.
Komalenkov considers trading in the $78-85K range as the baseline scenario for the coming week. The main risk factor remains US monetary policy. Following the publication of strong labor market data, the likelihood of a more hawkish approach by the Federal Reserve has increased.
The key event of the week will be the publication of US inflation data on September 11th. Strong figures could increase pressure on risk assets and lead to profit-taking in bitcoin ahead of the Fed meeting on September 15-16.
From a technical point of view, the $78-79K zone remains an important support level. Losing it could lead to a decline to $75-76K. Consolidating below $75K could indicate that the current breakout above $80K was a false one.
Meanwhile, according to Komalenkov, the market maintains a moderately positive sentiment. For a sustainable move towards $85-90K, a combination of several factors is necessary: no acceleration of inflation in the US, a neutral or dovish stance from the Fed, and sustained institutional demand.
The Bitcoin (BTC) price rose to $80K on August 24th for the first time since May of this year. Later, on August 25th, the price of bitcoin exceeded $81K for the first time since May 15th.
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