Bitcoin Holds Ground at $76K Amid Volatile Market Ahead of Central Banks

Bitcoin's price has been defending $76K in recent trading hours after falling to a low of $76,046 on September 11th. The cryptocurrency quickly rallied 5.05% to reach a high of $79,890 just an hour and a half later, but the bullish momentum was short-lived.

The Federal Reserve and Bank of Japan are set to make policy decisions this week, which could lead to more volatility in the market. There is an 85% probability of a rate hike, and markets have likely priced it in.

However, the tone of the central banks' announcements may be crucial for Bitcoin's price action. A rise in U.S. yields and yen appreciation would be particularly risky for the cryptocurrency, leading to potential liquidations and risk-cutting by investors.