Bitcoin Accelerates Above $79,500 as Bulls Regain Control

Bitcoin has now surpassed 79,900 dollars after Wednesday’s drop. BTC trades around 79,800 dollars, with a rise of more than 2% during the day. The movement also benefits several altcoins. Arbitrum continues its rally. The dollar declines in parallel and gives some breathing room back to risky assets.

Bitcoin now surpasses 79,900 dollars

The rebound extends an already very strong August. Bitcoin gained nearly 25% and recorded its best August in nine years. On Thursday, BTC accelerated beyond levels seen a few hours earlier. The intraday high reached about 79,926 dollars. Bitcoin thus returns very close to 79,000 dollars after starting the day around 77,000 dollars.

The dollar helps. The DXY index declines while US stocks, gold, and several cryptos advance in parallel. Bitcoin ETFs remain more hesitant however. They recorded net outflows of 9.3 million dollars on Wednesday, after 239 million the day before.

On derivatives, positioning remains relatively light. Options show more optimism. Bitcoin calls at 82,000 and 84,000 dollars are among the most traded contracts on Deribit. Traders are therefore starting to look higher again.

Arbitrum accelerates much faster

Bitcoin advances. Some altcoins run. Arbitrum also remains well oriented. ARB gained nearly 17% over 24 hours during Thursday’s first move, with a daily volume close to 486 million dollars.

A week earlier, this volume hovered around 50 million. ARB’s open interest also reached a record around 1.58 billion tokens. Other cryptos progress more slowly. Monero remains in the green. Pump.fun also advances. Uniswap is among the exceptions after its strong previous rally.

The performance of some altcoins gives the impression of a general rotation. The market is not there yet. The Altcoin Season Index remains much below the threshold of 75 generally used to talk about altseason. A large part of the main cryptos still must outperform Bitcoin over an extended period.

Bitcoin keeps its role as the locomotive on its side. Crossing 79,900 dollars now brings BTC closer to the 80,000 dollar zone, already tested several times since late August. Above lies the resistance observed around 82,800 dollars.

Altcoins are nevertheless beginning to attract more capital. The movement is not new: at the end of August, nearly 65% of volumes on Binance were already concentrated on altcoins, their highest level in two years.