In this video, we break down Bitcoin on the 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is trading around $79,200 to $79,600, experiencing short-term volatility after briefly breaking past the $81,455 milestone overnight—its highest level since mid-May. While the digital asset has faced local resistance at the psychological $80,000 threshold, it has captured a stellar 26% gain so far in August, outperforming major asset classes like the Nasdaq and S&P 500.
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Bitcoin Insights Today
-Massive $6.4B Options Expiry: A massive $6.4 billion Bitcoin options expiry occurs today. This has removed previous price anchors, triggering heightened short-term volatility. Deribit data highlights a sharp drop in put option demand. Traders are heavily buying upside calls, targeting a continuation toward $82,000–$82,800.
-Macro Headwinds & Jackson Hole: Investors are acting cautiously across the board. Global equity funds saw their first net outflows in 13 weeks ahead of new Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium. Traders are looking for clues on interest rate policies.
-The Gold Debasement Trade: Bitcoin's 30-day correlation coefficient with gold has surged to +0.81. Both assets are rallying in tandem as global investors leverage scarce assets. This protects capital against soft-dollar environments and currency debasement fears.
-Corporate and ETF Momentum: Corporate treasury adoption continues. French firm Capital B announced a €21 million share placement to expand its Bitcoin reserves. Meanwhile, proxy stocks like MicroStrategy (MSTR) have jumped 40%. The company's massive treasury of 840,447 BTC has swung back into billions in unrealized profits.
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