Bitcoin Rebounds to $77.4K Amid Improved Risk Sentiment
Bitcoin has made a significant recovery to around $77,400 after falling to an intraday low of $76,000. The Federal Reserve's latest rate decision and removal of uncertainty around the September decision helped ease selling pressure.
The cryptocurrency gained 1.3% over the past 24 hours and 0.6% over the past seven days. It has also surged 20% over the past 30 days, reaching a high of $77,420 on CoinGecko data.
Sentiment has improved with the price recovery, as Bitcoin's Fear and Greed reading increased from 50 to 56 after moving back above $76,000. However, buying pressure remains weaker than expected, with the daily Chaikin Oscillator remaining below zero at around minus 880.
The next obstacle for Bitcoin is the liquidation concentration around $77,500 to $77,700, followed by more positions around $78,000. A move through these levels could force leveraged short positions to close, potentially adding buying pressure as BTC approaches $78,000.