Bitcoin traded between $78,400 and $78,743 on Thursday morning, up 2.5% over 24 hours, as buyers defended support while resistance near $79,000 capped the advance. Rate-hike bets and the U.S.-Iran conflict kept broader sentiment cautious even as regulators signaled progress on crypto legislation and a major bank expanded institutional access.
Bitcoin's price stood between $78,400 and $78,743 per coin on Thursday morning, up 2.5% over 24 hours, as buyers defended a crucial support area. Resistance near $79,000 and higher continued to slow the recovery, leaving Wednesday's setup range-bound inside a broader upswing.
Support Holds Near $76,229 as Resistance Caps Gains
The seven-day low of $76,229 and resistance of roughly $79,000 remain the immediate levels that could determine what comes next. On the 1-hour chart, bitcoin's rebound from $76,229 ran into a liquidity pocket around $78,500, with a local high reaching $78,743 before the advance stalled. The bounce lacked the volume confirmation normally associated with a clean breakout.
Separately, bitcoin rose 1.8% to $78,643.4 by 09:36 ET, remaining below the roughly $82,000 level it had reached in late August before tempering some gains. Recent buying from top corporate holder Strategy Inc, along with hopes for more U.S. regulation, helped bitcoin retain a bulk of its gains.
Rate-Hike Bets and Iran Tensions Temper Sentiment
But growing anxiety over higher interest rates in the developed world kept overall appetite toward crypto on the backfoot. Markets largely maintained bets that the Federal Reserve will hike interest rates in September, following hawkish comments from Chair Kevin Warsh last week. Bank of Japan Governor Kazuo Ueda said the central bank will discuss hiking rates during its September meeting, adding to the caution.
Persistent worry over the U.S.-Iran conflict also weighed on risk appetite after Iran launched fresh strikes against U.S. bases in Kuwait late Wednesday. Markets are also digesting reports that President Trump is privately discussing declaring the Iran war over, which would ease some of the geopolitical risk that had weighed on sentiment.
Regulatory Progress and Bank Access Add Support
SEC Chair Paul Atkins said he expects the Senate to hold a key procedural vote on the Clarity Act on September 15, and that the bill establishing a crypto regulatory framework was likely to reach President Trump's desk this month. Standard Chartered, a $447 billion global systemically important bank, became the first major global bank to offer institutional Bitcoin and Ethereum spot trading in the UAE, according to Bull Theory.
Sources: Bitcoin.com, Investing.com, Coinpedia
Trading involves risk.
Risk Disclaimer
