Bitcoin dropped below $79,000 after peaking at $81,255 on August 24, ending a more than 20% rally that began on August 17. This correction triggered over $88 million in Bitcoin liquidations and $302 million across the broader crypto derivatives market. Analysts have identified $76,500 as the critical support level, approximately 3% below current prices, while resistance sits between $80,000 and $82,500. Traders are positioning defensively ahead of Federal Reserve Chair Kevin Warsh’s remarks at the Jackson Hole symposium on August 28. Bitcoin spot ETF flows have also shifted, showing a pullback in institutional appetite after weeks of consistent inflows.
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