BTC Rejects $81,500 as Whales Build Massive Sell Wall at $81K

Bitcoin Loses Steam Ahead of Fed Chair Speech

Bitcoin lost momentum soon after breaching $81,000, as markets awaited Federal Reserve Chair Kevin Warsh’s inaugural Jackson Hole speech. The price slid shortly after hitting this key resistance level for the second time this week, echoing the Aug. 25 pullback when the cryptocurrency topped $80,000 for the first time in more than three months.

Market data shows bitcoin peaked at $81,455 shortly after 9:30 p.m. Thursday, briefly shrugging off bearish pressure that had been building since Tuesday. A sharp sell-off followed, erasing gains from Aug. 27 as the asset tumbled to a session low of $78,442 around 10:15 a.m. However, just over an hour after Warsh’s address, bitcoin fell to a new low of $76,877 before quickly reclaiming $77,000 and testing $78,000.

The retreat trimmed bitcoin’s weekly gain to 2%, pulling market capitalization down to $1.58 trillion from over $1.61 trillion. Despite the dip, bitcoin remains on track for double-digit monthly gains thanks to its sharp rally between Aug. 19 and Aug. 21.

On the derivatives market, bitcoin’s reversal less than 24 hours after reclaiming $80,000 triggered $107 million in liquidations across long and short positions. Coinglass data shows a tight split: $50 million in longs and $57 million in shorts were wiped out. Across the broader crypto market, roughly $300 million in leveraged positions evaporated.