The bull market regains momentum, preparing to challenge $80,000 again as bitcoin price rises.

Key Points

• Bitcoin reached $78,960 on Sunday, rising 1.5%, as investors challenge the $79,000 resistance zone.
• Coinglass recorded $75.71 million in cryptocurrency liquidations, while open interest for Bitcoin remained at $54.83 billion.
• Bitcoin traders are eyeing the next target at $81,000, as September brings the Federal Reserve meeting and potential CLARITY Act action.

Currently, at 10:10 AM Eastern Time (UTC+8), Bitcoin is trading at $78,650, having hit a 24-hour peak at 9:30 AM (UTC+8). After a recent pullback, its price has maintained an upward trajectory over the past day, with seven-day statistics showing Bitcoin up 1.8%. Since July 30, Bitcoin’s price against the US dollar has risen by 23.5%. Trading volume for the day is registered at around $13.1 billion to $13.9 billion on major exchanges.

Despite the rise in Bitcoin’s price and the performance of numerous altcoins, liquidations in the derivatives sector remain minimal. Data shows $75.71 million in cryptocurrency long and short positions were liquidated over the past day, leading 43,050 traders to lose their positions. Bitcoin’s total liquidations amounted to $21.84 million, of which $19.53 million came from short bets. The leading crypto asset futures open interest stood at $54.83 billion on Sunday.