Bitcoin dropped back below $79,000 on Monday after a brief spike to $80,537, as $208 million in crypto derivatives got liquidated. Longs took the brunt of the losses, and Bitfinex analysts say ETF inflows and Treasury yields will decide whether bitcoin can break its $82,100 ceiling.
Longs Bear the Brunt of the Rout
Bitcoin slipped under $79,000 on Monday, just hours after briefly reclaiming $80,000 for the first time since Friday's sell-off. Before the decline, the token traded in a tight $79,600 to $80,000 band as markets digested stronger-than-expected U.S. jobs data.
By early Sunday evening, bitcoin had spiked to $80,537 during a marketwide rally that also pushed zcash and Hyperliquid's HYPE to fresh milestones. The move faded quickly, however, sending bitcoin into a gradual descent toward $79,250 by early Monday.
An attempt to reclaim $80,000 stalled near $79,700, triggering a sell-off that drove bitcoin down to $78,685. By 12:15 p.m. EST, the token hovered around $78,785, down roughly 1% over 24 hours. The pullback pushed crypto market capitalization down to $1.58 trillion.
Liquidations skewed toward longs again, mirroring Friday's pattern. Coinglass data shows $55 million in leveraged bitcoin positions wiped out, with longs accounting for $35 million against $20 million in shorts. Across the broader crypto market, total liquidations topped $208 million, with longs making up $119 million.
Bitfinex Sees a Constructive but Unconfirmed Range
A new report from Bitfinex analysts adds context to the pullback, noting that bitcoin has "absorbed these headwinds without losing its market structure." Bitcoin reached $82,320 on Sept. 3 before returning to its established $77,200 to $82,100 range.
The report cites last week's solid ETF inflows, expanding stablecoin supply, and persistent demand as factors supporting upside momentum. Analysts also flagged a growing pool of profitable supply near recent highs, which increases the likelihood of selling pressure around the top of the range.
Still, their outlook stays cautiously optimistic. According to the report, a sustained advance would require continued spot ETF inflows and expanding stablecoin supply. Elevated yields on U.S. Treasuries and an uncertain Federal Reserve rate policy, on the other hand, remain primary constraints.
A soft set of inflation reports this week could reopen the case for the Fed to hold rates steady in September, while persistent inflation would strengthen the case for another rate increase. Analysts said the clearest sign of improving strength would be a sustained break above the current range while inflows stay positive and rate expectations remain elevated.
Source: Bitcoin News
Trading involves risk.
Risk Disclaimer
