Bitcoin Price Stuck Below $80,000 Amid Ongoing Consolidation

The Bitcoin price has been wobbling below $80,000 as it consolidates its recent gains. The BTC/USD pair is currently trading at 79,895, just a few points shy of this month's high of 82,152.

Despite the uncertainty surrounding the price action, there are signs that top investors, including institutional ones, have continued their accumulation. American investors have been buying Bitcoin ETFs worth $770 million in the first four days of the month, continuing a streak that started in August when inflows soared to $3.5 billion.

Some prominent investors have also been accumulating Bitcoin holdings. Strategy bought Bitcoin at the end of last month, and Michael Saylor hinted that the company bought more last week. Strive, a company associated with Vivek Ramaswamy, has also continued buying these coins.

The strong jobs numbers, coupled with elevated inflation, means that the Fed will likely start hiking interest rates this month. This view will be confirmed if the US publishes a higher-than-expected consumer inflation report on Friday.