Bitcoin Stabilizes Near $78,000 Amid Weak Momentum

Bitcoin's price has stabilized near $78,000 after a strong rally in August that pushed it above $81,300. However, the cryptocurrency's momentum is weak, as indicated by a low ADX reading.

The current trading range is influenced by concerns over Federal Reserve rate hikes and recent outflows from US Bitcoin ETFs, with support around $75,000-$77,000 and resistance near $81,000-$82,000.

A daily close above $82,842 could signal a renewed upward move for Bitcoin, while a break below $77,422 might lead to deeper pullbacks. Investors are closely watching ETF flows and Fed policy for the next directional cues.