Bitcoin Rangebound Until September's FOMC Meeting

Crypto market maker Wintermute predicts that Bitcoin will remain rangebound until the U.S. Federal Open Market Committee (FOMC) meeting on September 15-16, staying between $75,000 and $82,000.

The firm noted that near-term direction is difficult to predict, but buying support is emerging from investors who have not yet fully increased their allocations.

Wintermute observed that repeated selling pressure has emerged around the $82,000 mark, while support is established at $75,000 and $72,000. The firm warned that if Bitcoin breaks below $72,000 on a weekly closing basis, the next clear support level would be difficult to identify, potentially leading to increased volatility.

The market maker also highlighted that spot Bitcoin ETF inflows have been a primary driver of the recent rebound, but sustainability is crucial. Wintermute stated that its current outlook would be challenged if ETFs shift to weekly net outflows or if Bitcoin posts a weekly close below $72,000.