In this Bitcoin Elliott Wave analysis for 28 August 2026, we examine the critical $24,385 support level as the floor for the long-term trend.
Our Bitcoin analysis utilizes Elliott Wave theory to evaluate current market conditions across multiple timeframes. While the multi-year forecast remains bullish, the daily chart is currently neutral as it consolidates below the May high. We monitor a short-term 1-2 setup stemming from the July lows, which continues to influence our price target expectations until specific support levels are breached. Video by More Crypto Online.
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Bitcoin (BTC) is currently trading at approximately $77,897 experiencing a mild 3% intraday decline as it faces strong technical resistance and macroeconomic headwind pressures.
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Bitcoin Insights Today
1. The Warsh Jackson Hole Effect - Markets turned heavily cautious today following a hawkish speech by newly appointed Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium. Warsh strongly emphasized bringing inflation back to target, prompting the CME FedWatch tool to spike expectations for a September 25 bps rate hike to 57.5%. This sudden policy tightening fear pushed U.S. Treasury yields higher and sparked immediate profit-taking in risk assets like equities and Bitcoin.
2. Massive $6.4 Billion Options Expiry - A major market catalyst occurred today with the expiry of $6.4 billion worth of Bitcoin options. In the lead-up to the expiration, demand for put options collapsed while traders actively stacked calls. Now that the expiry has concluded, Bitcoin has temporarily lost its short-term price anchor, which could spark amplified volatility heading into the weekend.
3. High Market Depth Validates the Aggregate Bull Trend - Despite the immediate macro pullback, order-book data compiled by CoinDesk Research shows that market depth stayed high during this month's run to $80,000. This indicates strong institutional and retail spot demand—largely fueled by a massive influx of $1.92 billion into US Spot ETFs and sovereign debasement fears following recent U.S. Treasury buyback plans.
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