Bitcoin Holds Steady at $77,500 Amidst ETF Outflows and Warsh Speech Pressure

Bitcoin's price held steady near $77,500 on August 29 as US spot Bitcoin ETFs recorded $201.9 million in net outflows.

This marked the end of a nine-session streak of positive flows, with ARK 21Shares' ARKB leading the way with $114.9 million in outflows followed by Bitwise's BITB at $49.7 million.

Despite this, Bitcoin's daily chart remains bullish, with a positive moving average convergence divergence indicator and a relative strength index of 69.55, just below the overbought threshold.

Analysts Sheldon Diedericks and Eliz suggest that if support holds near $76,500-$77,000, the market may recover.