Bitcoin Bounces Back Above $77,300 Amid Hawkish Fed and ETF Weakness

Bitcoin's price has recovered above $77,300 after a brief dip to $76,205 on September 18. The crypto market remains resilient despite a hawkish Federal Reserve and weak ETF demand.

Nischal Shetty, founder of WazirX, notes that rising input prices and potential Fed tightening could restrict liquidity. However, the Bank of England's decision to hold rates at 3.75% and pause some bond sales has provided relief.

Riya Sehgal from Delta Exchange observes that Bitcoin is attempting to build a short-term recovery structure after defending the $75,000 area. A sustained break above the $77,100-$77,600 zone would improve the recovery setup and potentially lead to higher prices, including a target of $78,000.

Despite some volatility, crypto market sentiment remains greedy at an index of 65. The US employment data, with jobless claims falling to 196,000, has provided support for cryptos.