Bitcoin consolidated near the $79,000 mark on Wednesday as traders awaited key US macroeconomic data, including PCE inflation and GDP figures, while signs of profit-taking also emerged. The cryptocurrency was last seen trading at $78,766.

05%, respectively. 33%) Prateek Gupta, Head of Business, Mudrex said Bitcoin is consolidating around $79,000 as traders await key US macro data, including PCE inflation and GDP figures.

While the broader uptrend remains intact, Bitcoin needs a sustained close above its 365-day moving average near $83,000 to confirm a stronger bullish breakout. 2 billion in profits over the past three days which makes the week ahead crucial for Bitcoin’s next move.

65 trillion, according to CoinMarketCap. Sentiments remain ‘extreme greed’ despite the small pullback as the fear and greed index sticks to 80, said CoinDCX Research Team.

8K–$83K resistance zone to strengthen the case for a new bull market. Improved ETF, spot and futures demand support the rally, but rising whale profit-taking, 53,000 BTC moving to exchanges and repeated rejection near $80K–$83K suggest short-term pullback risk.

95% respectively. 79 million, including $489 million in longs, confirming downside pressure.

Yet, sentiment remains optimistic with the Fear and Greed Index standing at 80. 13 million show continued institutional interest..

The rally has been supported by a weaker dollar and improving liquidity conditions. Renewed investor interest in alternative stores of value has also supported the move.

July US PCE inflation and the second estimate of Q2 GDP are due later today, making them the immediate catalysts for global risk assets. Piyush Walke, Derivatives Research Analyst, Delta Exchange: BTC is consolidating around $79,280 following its strong upward move.

The broader trend remains bullish, with the price holding above the 55-EMA and 200-MA. Meanwhile, the RSI near 80 might result in short term cooldown in Bitcoin.