Bitcoin’s week-long rally just hit a wall. After surging more than 20% from August 17 to a peak of roughly $81,255 on August 24, the largest cryptocurrency by market cap has slipped below $79,000 and spent the past few days trading in a narrow band between $78,000 and $79,000.
The pullback has wiped out over $88 million in Bitcoin liquidations alone, part of a broader $302 million liquidation event across the crypto derivatives market.
What happened to the rally
Profit-taking kicked in almost immediately after Bitcoin touched $81,255. From August 25 through August 27, Bitcoin failed to reclaim the $80,000 level on multiple attempts.
Resistance sits firmly in the $80,000 to $82,500 zone. On the downside, analysts have flagged $76,500 as the critical support level, roughly 3% below where Bitcoin is trading now. Losing that floor would open the door to a more meaningful correction.
