Bitcoin consolidates near US$108K as macro headwinds build

TLDR

• Bitcoin consolidates near US$108K after mid-month peak above US$124K
• ETF flows stay selective, with steady Bitcoin demand and softer Ethereum tone
• Altcoins lag major assets, under pressure through the final week of August
• US appeals court ruling on tariffs adds policy uncertainty
• Macro sentiment remains cautious as markets weigh September risks

Bitcoin ended August on a softer footing, closing near US$108.2K after briefly touching an all-time high above US$124K earlier in the month. The move reflected broader consolidation across crypto markets, with total capitalisation easing back to test support around US$3.7T.

Institutional flows showed signs of divergence. Bitcoin ETFs held firm, while Ethereum and altcoins displayed more uneven demand. At the same time, macroeconomic risks increased: enthusiasm around AI cooled as major tech names came under pressure, while a federal appeals court in the US ruled that many of the administration’s tariffs had been imposed illegally. With uncertainty persisting and liquidity clustering around key levels, traders now look to the weeks ahead to gauge whether markets rebound or retest support.

Weekly trading stats as of Monday, September 1st at 10:00 AM AEST, based on data from TradingView in USD.

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Bitcoin consolidates near US$108K after mid-month peak above US$124K

Bitcoin closed August at US$108.2K, marking its third straight weekly decline. On the daily chart, BTC continues to hold above its 200-day moving average (~US$101.3K), providing a long-term cushion, but faces resistance around the 50-day moving average (~US$115.9K). Shorter-term signals pointed to weaker momentum, with RSI drifting into the mid-30s and liquidation heatmaps showing clustered stop zones above US$110K and below US$106K. These levels are likely to drive near-term volatility.

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ETF flows stay selective, with steady Bitcoin demand and softer Ethereum tone

Institutional positioning stayed uneven throughout the week. Bitcoin ETFs held firm as cumulative net inflows reached ~US$36.3B, supported by modest daily additions into the weekend. Ethereum showed a softer tone: cumulative flows hovered near US$13.1B, but net outflows dominated the week. The split highlighted selective positioning: conviction in Bitcoin, while Ethereum entered consolidation.

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Altcoins lag major assets, under pressure through the final week of August

Altcoins underperformed into month-end. Stellar (−13.7%), Hedera (−12.4%) and Cardano (−10.8%) led the weekly declines, while Ethereum and XRP also lost ground. Overall, the moves underscored how capital rotated back toward core majors during a period of volatility.

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US appeals court ruling on tariffs adds policy uncertainty

In the United States, a federal appeals court ruled that a number of the administration’s tariffs had been imposed illegally under the International Emergency Economic Powers Act. While the decision leaves duties in place until further review by the Supreme Court, it introduces fresh uncertainty for global trade policy. For markets, the ruling added another source of volatility at a time when confidence was already fragile. For crypto, the development reinforced a more cautious risk backdrop as the new month begins.

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Macro sentiment remains cautious as markets weigh September risks

Alongside trade policy uncertainty, global markets absorbed a pullback in AI-linked equities. Nvidia and other chipmakers fell on cautious outlooks, while Meta declined after reports of restructuring and hiring pauses in its AI teams. The retreat added to concerns about stretched valuations and geopolitical headwinds, including tighter US export controls and growing competition from China.

For crypto investors, the shift echoed the broader risk-off tone across markets, reinforcing a guarded tone in early-month trading.

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What to watch this week

Markets step into September with several key catalysts. In the US, labour market data and ISM surveys will guide expectations for the Federal Reserve’s next move. In Australia, consumer spending figures may provide context for the RBA’s stance.

For crypto, attention stays on ETF flows and whether Ethereum can hold support near US$4,400. On the technical side, Bitcoin’s clustered liquidation zones around US$110K and US$106K could drive the next volatility impulse.

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Closing thoughts

Crypto markets remain in consolidation with a risk-off mood, while macro risks continue to build. Cooling AI enthusiasm and the US tariff ruling both introduced fresh volatility risks, keeping sentiment fragile. As the month begins, traders face a higher chance of volatility around key support and resistance levels.

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