Bitcoin Stuck Below $80,000 as Fed Decision Looms
Bitcoin has been unable to break through the $80,000 resistance level despite repeated attempts. According to CoinGecko, BTC was trading near $77,600 on Monday after gaining 0.5% over the past 24 hours.
The cryptocurrency briefly moved above $77,750 during its rebound but gave back part of the move, while its seven-day performance remained negative at 2.9%. QCP Capital has identified $80,000 to $82,000 as a local resistance zone, with support around $77,000 to $78,000.
The Federal Reserve's decision on interest rates has kept Bitcoin below $80,000. The central bank may increase interest rates again following stronger-than-expected US employment figures for August. This has led to increased Treasury yields and a higher US dollar, which has negatively impacted Bitcoin.
According to CoinShares research, recent digital asset fund flows are linked to changes in US interest rate expectations. Institutional demand through US spot Bitcoin exchange-traded funds weakened at the same time, with net outflows of $46.6 million on September 8 and $282.7 million on September 10.