In this Bitcoin Elliott Wave analysis from 29 August 2026, we examine the $52,600 onchain level as the critical support of the current cycle. Video by More Crypto Online.
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Bitcoin (BTC) is currently trading at approximately $77,678, extending its weekend consolidation after dropping roughly 2.5% to 3.3% in response to macroeconomic tightening fears.
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Bitcoin Insights Today
1. The Jackson Hole Hangover Halts ETF Inflows - The primary catalyst behind today's downward pressure is the market's ongoing digestion of Federal Reserve Chair Kevin Warsh's hawkish keynote address at the Jackson Hole Symposium. Warsh's intense focus on price stability pushed CME FedWatch odds for a September 25 bps rate hike up to 57.5%. The surge in U.S. Treasury yields immediately triggered profit-taking on risk assets and broke Bitcoin's 9-day streak of positive ETF inflows, resulting in a $202 million net outflow on the day.
2. Historic "Post-Quantum" Milestone Achieved on Mainnet - In a major historical milestone for network security, the crypto community successfully processed the first post-quantum resistant Bitcoin transaction directly on the mainnet. Completed entirely without requiring soft or hard forks, this opt-in upgrade verifies Bitcoin's capacity to adapt and neutralize quantum computing threats long-term. While early infrastructure implementation proved relatively expensive—costing $150 to $200 per transaction—developers are actively working on cost-reduction frameworks.
3. Institutional Undercurrent Remains Robust - Despite immediate macro policy headwinds, Bitcoin's broader market foundation continues to demonstrate superior resilience compared to other major Layer-1 ecosystems. Bullish momentum continues to draw strength from recent U.S. Treasury bond buyback announcements and structural institutional preferences. For perspective, net inflows on August 27 alone brought a significant $242 million into U.S. spot Bitcoin ETFs.
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