Bitcoin holds near 78,000 dollars while broader cryptocurrency markets soften
Bitcoin showed resilience over the past week, remaining confined to a tight trading range while holding key short-term support levels.
Bitcoin traded near $78,378, posting a 1% gain over both the 24-hour and weekly periods even as the wider digital asset sector experienced declines. Total cryptocurrency market capitalization slipped by nearly 1% to $2.76 trillion, while Bitcoin maintained a market valuation close to $1.57 trillion with daily trading volumes ranging between $29 billion and $35 billion.
The asset has remained range-bound below $83,000 for nearly two weeks, drawing comparisons to consolidation phases seen in July and August. Technical observers point to short-term support near $77,000 and a recent low at $76,230, while the broader uptrend from July remains intact above the $70,500 to $75,180 zone. A break below $70,500 would mark a 50% retracement of that advance.
Market sentiment remains elevated, with the Fear and Greed Index registering 69 in Greed territory. Technical commentary notes that a breakout above $83,000 would signal an upward continuation, while cycle-based timing models point to the possibility of softer periods into October and near year-end.
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