Bitcoin Holds Steady Near $78,000 as Falling Wedge Tightens
Bitcoin's price has held steady near $77,700 on September 3 after recovering from an intraday low of $76,264. Despite this recovery, weakening spot demand and $236.5 million in US ETF outflows have kept the rebound under pressure.
The price action on the 4-hour chart remains compressed inside a falling wedge, with the upper boundary near $78,000 and the lower trendline approaching $76,000. Falling wedges can precede an upside move, but Bitcoin has not confirmed a breakout.
Market analyst Rain linked the negative apparent-demand signal to a brief decline toward $76,400 and warned that continued weakness could turn $77,000 from support into resistance.
A break below $75,900-$76,200 could trigger forced selling and expose $74,000, followed by the 4-hour breakout base near $72,000. On the other hand, larger pools of liquidity sit above the current price, with clusters around $78,500-$78,800, $79,500, $80,000-$80,500, and $81,500.