Bitcoin Price Stalls Near $77,000 Amid Rate Hike Fears and September Weakness

Bitcoin's price has stalled near $77,000 due to concerns over a potential Federal Reserve rate hike and its historically weak seasonality in September.

The digital currency's price action is being closely watched by traders, with some expressing caution. According to Coinglass data, 70,352 traders were liquidated in the past 24 hours for $216.58 million. This large number of liquidations suggests that many investors are still trying to navigate the market.

On the other hand, there have been net inflows of $216.7 million from spot Bitcoin ETFs on Monday, according to SoSoValue data. Similarly, spot Ethereum ETFs saw net inflows of $87.7 million. This shows that some investors are still confident in the digital currency's prospects.

Altcoin Sherpa remains bullish on Bitcoin but sees the current range as unclear and believes a short-term reset is possible. He also expects centralized-exchange altcoins to stay choppy until BTC breaks out, while on-chain tokens could continue producing outperformers.