Bitcoin Stuck at $77K as Market Awaits Fed Rate Decision

Bitcoin is struggling to break through the $80,000 barrier as it faces intense selling pressure. The price has been hovering around $77,300 but is unable to overcome resistance between $77,100 and $80,200. This makes a breakout above $80,000 challenging.

The next significant hurdle for Bitcoin is its 365-day moving average, which stands at approximately $81,700. Historically, when this level is surpassed, it has been linked to bullish trends.

Adding to the downward pressure on Bitcoin are institutional outflows from Bitcoin ETFs, with nearly $450 million withdrawn in recent times.

Investors are closely watching a likely Federal Reserve rate hike next week, which could have an impact on Bitcoin's direction. If the price were to fall further, support could be found near $70,000.