Bitcoin Bounces Back Above $77,300 Amid Market Volatility
Despite a hawkish Federal Reserve, Bitcoin has recovered above $77,300. The cryptocurrency surged to a low of $76,205 in early trading on September 18 but rebounded to trade just above $77,347.
The US spot Bitcoin ETFs recorded $295.98 million in daily net outflows, while Ethereum ETFs lost $224.11 million. However, the market sentiment remains greedy at an index of 65.
Riya Sehgal, Research Analyst at Delta Exchange, noted 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 could open the way toward $78,000 and higher.
Nischal Shetty, founder of WazirX, said that while ETF redemptions did not produce equivalent price declines, stronger follow-through is needed before the broader trend improves. He noted that spot buying, derivatives positioning, short covering, and improved broader risk sentiment can offset institutional selling.