Bitcoin was trading at $79,904 after gaining 1.43% in the past 24 hours, but momentum appears to be waning as the price struggles to surpass resistance at $81,337. The cryptocurrency currently trades nearly $9,400 above its 20-day moving average, signaling an extended run that may be due for a pause.
Key momentum indicators show a pause
The price has remained confined between $78,754 and $81,478 in recent sessions. Multiple technical indicators now point toward reduced buying pressure. The Relative Strength Index (RSI) stands at 80.21, deep into overbought territory, while the MACD line has flattened at zero, indicating stalled upward momentum.
Several analysts have pointed to the ongoing pause in buying, citing an extended overbought reading in the RSI and the stagnation seen in the MACD as signs the rally could be running out of steam.
Support levels for Bitcoin are positioned at $80,045, $78,612, and $77,320, while resistance is seen at $81,337, $82,770, and $84,744—key levels that may determine short-term direction.
Futures activity: Open interest declines
Open interest in Bitcoin futures contracts fell by 4.39% over the past day, indicating that traders are closing positions rather than taking on new risk. This decline comes as the spot price remains steady, with profit-taking activity likely contributing to the reduction in open positions.
ETH
SOL
BSC
ROBINHOOD
USDT
AAPLAnalysis of trading activity shows retail investors are currently net short, with more than half expecting a downward move. In contrast, a slight majority of large or “smart money” accounts are still positioned long. Funding rates remain neutral, suggesting a balanced market despite the shift in open interest.
| Group | Position | Sentiment |
|---|---|---|
| Retail traders | Net short | Bearish |
| Large accounts | Net long | Bullish |
Long-term holder dynamics and ETF flows
According to data from on-chain analytics firm Glassnode, about 1.05 million BTC held by long-term investors is clustered in the $83,000 to $86,000 price range, marking the first significant band of supply above current prices. The behavior of these holders—whether they sell at breakeven or continue to hold—may prove critical for the direction of Bitcoin in coming weeks.
Mini dictionary: Glassnode is a blockchain data analytics platform that provides on-chain and derivative market metrics for assets like Bitcoin, offering insight into long-term holder behavior and market flows.
Glassnode also noted that August 19 saw the largest single-day short liquidation event since 2019, with short positions comprising 85% of all liquidations that day. This resulted in an 11% decline in open interest, reflecting a reduction in leverage within the market.
ETF inflows support price
U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $2.23 billion in net inflows across seven days, with no outflows reported during the period. The strongest single day of ETF share creation was the largest since January 14, 2026. However, average daily ETF trading turnover reached approximately $2.4 billion last week, about half the level seen at the start of the year and a third below August 2025 figures.
Continued positive flows into Bitcoin ETFs and the market’s ability to absorb the concentrated supply held by long-term holders between $83,000 and $86,000 will be critical factors for the next move.
Market participants are closely watching the intersection of large ETF inflows and the potential selling pressure from long-term holders, with many viewing this supply-demand balance as central to the next leg of Bitcoin’s trend.
As of 07:00 UTC on August 28, 2026, Bitcoin remains just below $80,000, trading near a recent pivot level without a clear move higher or lower.
