In this video I break down the latest Bitcoin price action to determine if we are seeing a major bottom or just a temporary bounce. I analyze the current market structure using the Elliott Wave model to identify the key support and resistance zones that will dictate the direction of the market for the coming week. Video by More Crypto Online.
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Bitcoin (BTC) is trading at $64,970.48 (approximately €56,196.22) as of August 8, 2026, marking a stable 0.12% increase over the past day. The price is currently consolidation-heavy as it struggles to break decisively above a major overhead resistance zone between $65,000 and $65,500.
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Bitcoin Insights Today
-Macroeconomic Tailwind: Bitcoin bounced off early August lows following a heavily missed U.S. July jobs report, which showed the economy lost 23,000 jobs and pushed unemployment to 4.1%. This poor labor data has fueled bets that the Federal Reserve will begin cutting rates in September, providing a cushion for risk assets.
-Institutional vs. Retail Divergence: On-chain data indicates sharp divergence. Large whale entities (wallets holding 10 to 10,000 BTC) accumulated over $1.2 billion in BTC over the past week. Conversely, retail investors holding under 0.01 BTC have been trimming their exposure.
-ETF Momentum: U.S. spot Bitcoin ETFs recorded their strongest week since April, drawing in $754.69 million in net inflows. This continuous institutional bid has elevated total ETF assets under management near $79 billion, preventing deeper price corrections
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