Bitcoin Dips Below $78K as Profit-Taking Weighs on Market
Bitcoin is trading near $77,000 after a pullback from its previous high of $78,000. Profit-taking and leverage flushes are weighing on the market, causing a brief decline in value.
Nischal Shetty, Founder of WazirX, noted that Ethereum is holding relatively firm near $2,450, with market sentiment remaining in Greed. Bitcoin continues to trade above its 200-week moving average.
The global crypto market capitalization has risen by 0.4% to $2.73 trillion, according to Coingecko. Among the major altcoins, BNB and XRP saw a slight increase, while Solana and Tron rallied up to 2%. Hyperliquid and Cardano corrected.
Experts warn that markets are turning more cautious due to sticky inflation, giving the Fed less room to ease and pushing expectations for a rate hike next week significantly higher. The September 15-16 FOMC meeting is expected to be a key catalyst for the next major move.