Bitcoin Hits $77K Mark Amid Profit-Taking and Leverage Flushes

Bitcoin has been trading at around $77,267 after experiencing a slight pullback from its previous high of $78,000. The cryptocurrency market is being weighed down by profit-taking and leverage flushes.

Nischal Shetty, Founder of WazirX, noted that Ethereum is holding relatively firm near $2,450, with the market sentiment remaining in Greed. Bitcoin continues to trade above its 200-week moving average, but market participants 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.

Technically, Bitcoin is at an important level, with $76K being the immediate support. Bulls need to defend $75.5K, while Ethereum's $2,400-$2,425 support band holds strong, with $2,500-$2,525 as the immediate resistance.