Bitcoin bulls still bet on a push to $84,000, with growing expectations of a September interest rate hike failing to alter their long-term bullish sentiment.

After Fed Chair Walsh delivered a hawkish signal at the Jackson Hole Annual Meeting, Bitcoin rallied then pulled back, falling as low as $76,877 on Friday—sharply retreating from its overnight high of $81,455—and closing at $77,557, down 3.39% on the day. Earlier this week, Bitcoin had notched double-digit gains, but the $81,000–$82,500 resistance zone capped its upside again. Walsh noted that U.S. inflation is falling too slowly, and the Federal Reserve "has more work to do" before hitting its 2% inflation target, prompting markets to sharply raise bets on a September rate hike. CME FedWatch data shows the probability of a September rate hike rose to 55.7% from 35.4% the prior day. The hawkish shock also triggered mass liquidations of leveraged positions in the crypto market, with roughly $481 million in total liquidations over the past 24 hours, including more than $360 million in long liquidations. However, the market’s long-term bullish sentiment has not reversed significantly. Prediction market data shows traders currently assign a 77% probability that Bitcoin will hit its next major target of $84,000, and a 23% chance it will fall to $55,000; Friday’s pullback has not altered these odds for now. On the fundamental front, U.S. spot Bitcoin ETFs have posted net inflows for 8 consecutive trading days as of Wednesday, drawing roughly $2.8 billion in total—marking the longest such inflow streak since April. Technically, Bitcoin’s RSI stands at around 69.7, not yet in the extreme overbought territory that triggered prior pullbacks. Should it fall further, the $73,670–$75,157 zone will act as a key defense level for bulls, while reclaiming the $81,000–$82,500 range is critical to opening up new highs. In the short term, Walsh’s downplaying of forward guidance means markets lack a clear policy path ahead of the next FOMC meeting, and Bitcoin is likely to remain highly volatile amid inflation data and shifting rate expectations.