Bitcoin Stuck Below $80,000 as Fed Meeting Looms
Bitcoin remains stuck below $80,000 as it approaches the Federal Reserve's September 15-16 meeting. The cryptocurrency has been trying to break through this resistance zone for weeks but has failed to do so.
On Monday, BTC was trading near $77,600 after gaining 0.5% over the past 24 hours. Despite its attempt to move above $78,000, it gave back part of the move and remains below the $80,000 level.
The failure to break through this resistance zone comes after Bitcoin reached the $82,000 area earlier in September but was pushed lower by sellers. QCP Capital has identified $80,000 to $82,000 as a local resistance zone, with support around $77,000 to $78,000.
Expectations for the Federal Reserve's meeting have changed after stronger-than-expected US employment figures for August were released. Payrolls increased by 162,000, compared with market expectations of around 55,000 to 56,000, raising expectations that the central bank could increase interest rates again.