Bitcoin chips away at weekend upside as $80K hangs in the balance

Bitcoin (BTC) drifted lower on Monday as a low-liquidity environment erased the weekend’s gains above $80,000.Key points:Bitcoin dips 2% below $80,000 after its highest weekly close since the start of May.Traders are in wait-and-see mode ahead of the week’s key volatility catalyst in the form of US inflation data.Analysis praises Bitcoin’s “resilience” as a narrow range holds since mid-August. Bitcoin needs US inflation catalyst: AnalysisData from TradingView showed BTC/USD down nearly 2% on the day at the time of writing. This price action comes after its first weekly close above $80,000 since early May.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewWith US markets closed for the Labor Day holiday, thinner order books increased the chances of sudden moves to target liquidity both above and below the spot price. Data from CoinGlass showed liquidations evenly split between long and short positions over the past 24 hours, with the cross-crypto total at $178 million. Crypto liquidation history (screenshot). Source: CoinGlassLiquidity thickened over the course of Monday, with concentrations at $80,500 and $78,800 providing nearby short-term targets.Crypto liquidation heatmap....