Bitcoin tops $80,000 as Solana jumps almost 8% amid rally warning signs

Bitcoin rose above $80,000 during Asian morning hours Tuesday. Bitcoin gained 4% on the day and more than 25% over the week. The rally began with the Treasury's move to expand its bond buybacks. Traders are awaiting Federal Reserve Chair Kevin Warsh's Jackson Hole speech. Traders are also awaiting other policy and economic developments. Bitfire Research said bitcoin's momentum gauge was near 78 on a scale from zero to 100. Readings above 70 are usually viewed as a sign that a price has risen too far too quickly and could pause. Bitfire identified selling pressure between $78,500 and $82,000. Bitfire said buyers would likely enter around $72,400 to $73,500. Solana led the major cryptocurrencies with an almost 8% gain to just above $101. Solana gained almost 35% over seven days. Ether gained more than 2% to just under $2,500. Ether rose almost 32% over the week. BNB rose more than 2% to just under $714. XRP gained almost 2% to just above $1.50. XRP led the major cryptocurrencies over the week with a gain of more than 52%.