Bitcoin Holds Steady Near $77,000 Ahead of Fed Rate Decision
Bitcoin's price hovered around $77,000 as investors waited for the US Federal Reserve's September rate decision. According to Coinmarketcap, the global crypto market capitalisation was down 0.9% to $2.63 trillion.
Avinash Shekhar, Co-founder & CEO of Pi42, said that macroeconomic cues are driving the market more than crypto-specific developments at this time. Elevated bond yields and uncertainty around interest-rate trajectory are keeping risk appetite in check, he stated.
Despite this, Bitcoin's ability to hold above the $76,000, $77,000 zone indicates that underlying demand remains relatively resilient, Shekhar added. Traders should expect volatility to remain elevated around the Fed announcement, as any change in the rate outlook could determine Bitcoin's next directional move.
Market experts also weighed in on the situation. Prateek Gupta of Mudrex said that BTC has remained resilient despite falling below its 50-week EMA and spot Bitcoin ETFs recording $463 million in weekly outflows. Vikram Subburaj of Giottus noted that large-holder accumulation has stalled, while derivatives positioning suggests that spot demand still needs to strengthen for the rally to become more durable.