Bitcoin Price Holds Near $77,500 as US Spot ETFs Post $202M Outflow

Bitcoin's price remained near $77,500 on August 29 after nine consecutive trading sessions of positive flows into US spot Bitcoin ETFs ended with a net outflow of $202 million. The reversal came as Federal Reserve Chair Kevin Warsh spoke at Jackson Hole, stating that inflation remains above the central bank's target and described broad financial conditions as difficult to call restrictive.

The pullback in price followed a failed attempt to hold above $80,000. Bitcoin reached an intraday high near $81,200 earlier in the week but faced selling pressure after Warsh's speech.

According to Bollinger Band analysis, the lower band now overlaps with the immediate support zone between $76,500 and $77,000. Holding that area would leave room for another attempt to reclaim $78,000, while a 4-hour close below it could extend the correction.