Bitcoin Stuck in $77,000 Range Ahead of Fed Decision
Bitcoin's price held steady around $77,700 on Monday as investors remained cautious due to a tougher macroeconomic environment. The cryptocurrency gained 0.3% over the past 24 hours, while Ethereum fell by the same percentage to trade at $2,520.
Vikram Subburaj, CEO of Giottus, attributed Bitcoin's recovery from around $62,000 to $82,000 to the demand for US spot Bitcoin ETFs, which attracted $3.34 billion between August 19 and September 4. However, he warned that investors should avoid high leverage before the upcoming Federal Reserve decision on September 16.
The global crypto market capitalization was up 0.4% to $2.71 trillion, according to Coingecko. Prateek Gupta, Head of Business at Mudrex, noted that Bitcoin remains range-bound between $76,000 and $77,000 after Friday's volatility, with on-chain data showing 'extreme greed' while retail sentiment remains bearish.
Riya Sehgal, Research Analyst at Delta Exchange, said Bitcoin is attempting to stabilize after defending the $76,000 region, with the latest rebound pushing price back toward $77,800. The week ahead is crucial, with the Senate cloture vote on the CLARITY Act and the FOMC meeting potentially deciding Bitcoin's next move.