Bitcoin Stabilizes Near $76,800 Amid Ongoing ETF Demand
Bitcoin's price has stabilized near $76,800 after a 2% decline this week. Despite some caution due to approaching overbought levels, technical indicators show continued upward momentum. The trend remains bullish, but markets are watching for potential headwinds and institutional activity.
The recovery in demand for U.S. spot Bitcoin ETFs has been a key focus, with net inflows of about $924 million for the week ending August 28. This surge was interrupted by an outflow event on August 28 following hawkish comments from Federal Reserve Chair Kevin Warsh, but flows quickly returned to positive territory after the weekend.
Traders are now monitoring potential further U.S. rate hikes and their impact on Bitcoin's momentum. A break above $81,478 would reassert bullish strength, while a move below $76,420 may trigger further downside within the range.