Bitcoin Hits Three-Month High Overnight, Pulls Back Below $80K

Bitcoin briefly touched $81,455 overnight Friday, its highest level since May 15, before pulling back below $81,000, with altcoins giving back all their gains.

What Bitcoin's Move Signals

According to CoinDesk, the overnight high marked Bitcoin's first visit to that level since May 15, when price faced resistance at $82,800 and subsequently slid to a low near $57,000.

Since the Treasury announced bond buybacks on August 19, Bitcoin has risen over 20%, while Nasdaq 100 futures have traded sideways, extending the divergence that has widened all week.

Silver rose 1.5% on Friday, maintaining its devaluation trade alongside Bitcoin.

What Derivatives Data Shows

CoinDesk reported that crypto derivatives have remained active over the past 24 hours but lack fresh directional conviction.

Open interest holds just above $140 billion, with volume up nearly 10% to $222 billion, as shorts hold a slight edge, accounting for 51% of trading flow. Heading into the weekend, neither bulls nor bears have gained full control.

SOL futures stand out as a notable exception, with open interest per Coinglass climbing to its highest since early July, though sellers are becoming more active at current levels.

Meanwhile, Bitcoin's implied volatility has dropped from a recent high of 50% to 41%, a sign that traders are not pricing in a major reaction to Fed Chair Kevin Warsh's speech at Jackson Hole on Friday.

President Donald Trump's meme coin TRUMP surged 24% in 24 hours to around $2.80, with open interest jumping 57% over the past week to $188.72 million, indicating a derivatives-driven move rather than organic spot demand.

Where Bitcoin Stands Technically

BTC is consolidating within its ascending channel, with the 20-day and 50-day moving averages providing support just below.

A reclaim of $81,354 would reopen the recent highs, while losing $78,800 risks a deeper channel retest.