Bitcoin Holds Near $77,500 Despite ETF Outflows and Warsh's Inflation Warning

Bitcoin's price held steady near $77,500 on August 29, despite a 2.9% decline over the previous 24 hours. The cryptocurrency had briefly fallen to $77,078 before stabilizing above the key support zone of $76,500-$77,000.

The pullback came after a failed attempt to hold above $80,000, with traders reacting to Federal Reserve Chair Kevin Warsh's speech at Jackson Hole. In his remarks, Warsh emphasized that inflation remains above the Fed's target and described broad financial conditions as difficult to call restrictive.

US spot Bitcoin ETFs recorded net outflows of $201.9 million on August 28, ending a nine-session streak of positive flows. Analysts see $72,000-$74,500 as the next buying area if current support fails.