Bitcoin Holds Ground at $77,000 Amid Pre-Fed Jitters

Bitcoin's price remains near the $77,000 mark as investors await the US Federal Reserve's September policy decision. The cryptocurrency is currently trading at $76,985 and has seen a 1.44% decline in the past 24 hours. Ethereum, on the other hand, has dropped by 2.04% to trade at $2,477.

Avinash Shekhar, Co-founder & CEO of Pi42, notes that the market is being driven more by macroeconomic cues than crypto-specific developments. Elevated bond yields and uncertainty around interest-rate trajectory are keeping risk appetite in check. However, Bitcoin's ability to hold above the $76,000-$77,000 zone indicates underlying demand remains relatively resilient.

Crypto experts predict volatility will remain elevated around the Fed announcement, with any change in rate outlook determining Bitcoin's next directional move. The global crypto market capitalisation has dropped by 0.9% to $2.63 trillion. The overall market sentiment is greed, as the crypto fear index stands at 69, according to CoinDCX Research Team.

Bitcoin remains in a consolidation phase, with the next decisive move likely determining the direction of the broader recovery. Prateek Gupta, Head of Business at Mudrex, notes that Bitcoin's resilience is being supported by optimism around the CLARITY Act vote. However, spot demand still needs to strengthen for the rally to become more durable.