Bitcoin Traders on High Alert as Markets Await Fed Decision and Inflation Report

Bitcoin (BTC) is hovering around $79,200 as markets await key economic indicators. The cryptocurrency has retreated somewhat after reaching nearly $82,000 in the prior week.

The digital asset's price fluctuated between $78,707 and $80,494 during recent trading sessions, with market activity surging by approximately 30% to reach around $24.4 billion in total volume, according to CoinGecko's data.

Analyst Jeff Ko from CoinEx expects Bitcoin to remain within a narrow band prior to the Federal Reserve's policy announcement on September 16. 'My outlook calls for compression within a narrow band, with resistance positioned near $82,000 and foundational support located between $78,000 and $79,000,' he explained.