Bitcoin Holds Near $80K as ETF Inflows Continue Amid Rate Hike Bets

Bitcoin (BTC) is trading near $80,000 after retreating from levels above $82,000 reached last week. The cryptocurrency has shown resilience despite stronger-than-expected US employment data and rising Treasury yields, which weighed on Bitcoin and other rate-sensitive assets. According to QCP Capital, the local resistance zone for Bitcoin is between $80,000 and $82,000, with support around $77,000 to $78,000.

Continued inflows into spot Bitcoin ETFs have provided support for the cryptocurrency. US spot Bitcoin ETFs recorded $987 million in inflows last week, extending their positive streak to three consecutive weeks. This trend suggests that investors are responding to changes in the interest-rate path rather than abandoning crypto, as argued by CoinShares Head of Research James Butterfill.

The market's focus now turns to US producer price data due Thursday and August consumer price inflation data scheduled for Friday. These figures will provide key signals ahead of the Fed's Sept. 16 policy meeting, where a 25-basis-point hike is increasingly expected. Standard Chartered has forecast that Bitcoin could reach $100,000 before the end of the year.