Bitcoin Braces for Volatility as $1.2 Billion Selling Pressure Mounts

Bitcoin has been under pressure in recent days, with over $1.2 billion in net selling observed by popular crypto analyst Maartuun. Despite this sustained selling pressure, Bitcoin's price remains steady around $78k, according to Binance's Net Taker Volume.

The key level of $76k holds significant importance, as it would indicate supply absorption if maintained. Analysts believe that the resolve of Bitcoin bulls will be tested in September, which is statistically the most bearish month of the year.

One factor to watch is the upcoming FOMC meeting on September 15th, which could prove critical to Bitcoin's price trends. The CLARITY Act vote is also scheduled for the same day, potentially contributing to price volatility around the event.