Bitcoin Hovers Near $79K Ahead of Fed Rate Decision and Inflation Data

Bitcoin's price is currently hovering around $79,200, down by 0.8% in the last 24 hours.

The Federal Reserve's policy announcement on September 16 is a key event that could influence Bitcoin's next directional move.

A recent surge in strong US employment data has increased the likelihood of a 25 basis point rate hike, which could impact market sentiment.

In related news, Bitcoin spot ETFs in the US have seen nearly $1 billion in fresh investments last week, contributing to a three-week total of $3.8 billion.