Bitcoin Fails to Break Above $80,000 Amid Federal Reserve Uncertainty

Bitcoin has been trading near $77,600 after gaining 0.5% over the past 24 hours.

The cryptocurrency remains below $78,000, despite repeated attempts to reclaim the $80,000 level, which it failed to break through for a second time.

According to CoinGecko, Bitcoin's seven-day performance has remained negative at 2.9%, while its failure to return above $80,000 comes after it reached the $82,000 area earlier in September before sellers pushed the price lower.

QCP Capital has identified $80,000 to $82,000 as a local resistance zone, with support around $77,000 to $78,000. The Federal Reserve's upcoming meeting on September 15-16 is expected to have an impact on Bitcoin's price, following stronger-than-expected US employment figures for August.

CoinShares research has linked recent digital asset fund flows with changes in US interest rate expectations, which could limit Bitcoin's growth around $80,000 ahead of the Fed meeting. Institutional demand through US spot Bitcoin exchange-traded funds weakened at the same time, recording net outflows over several days.