Bitcoin Fails to Clear $80,000 as Fed Meeting Looms
Bitcoin has hovered near $77,600 in recent days after failing to break through the resistance level of $80,000. Despite a brief move above $77,750, the cryptocurrency has remained below its target. The seven-day performance for BTC remains negative at 2.9%.
The Federal Reserve's upcoming meeting on September 15-16 is weighing heavily on Bitcoin, with expectations changing after stronger-than-expected US employment figures for August. Payrolls increased by 162,000, compared to market expectations of around 55,000 to 56,000.
QCP Capital has identified $80,000 to $82,000 as a local resistance zone, with support around $77,000 to $78,000. However, institutional demand through US spot Bitcoin exchange-traded funds weakened ahead of the Fed meeting.
The failure to clear the resistance level at $80,000 keeps BTC inside a relatively narrow range since its early-September rejection. Buyers have continued to enter around $76,000 to $77,000, while attempts to move through $80,000 have struggled to hold.