Bitcoin Traders Pin Hopes on Fed Decision as Price Remains Range-Bound

Bitcoin (BTC) is trading around $79,176-$79,500, down 0.8% over 24 hours. Analysts expect BTC to stay range-bound between $78,000 and $82,000 until the Fed's September 16 decision. US spot Bitcoin ETFs saw $987 million in inflows last week, totaling $3.8 billion over three weeks.

The jobs report beat expectations, pushing Fed rate hike odds to ~60% for September. CPI data on September 11 and the FOMC meeting on September 16 are the key events to watch. Jeff Ko, chief analyst at CoinEx, expects compression into a tight range capped around $82,000 with support at $78,000-$79,000.

Despite positive ETF flows, Ko cautioned against reading too much into it, saying he wants to see more weeks of inflows before calling it a genuine accumulation phase. Daan Crypto Trades noted that Bitcoin posted a solid weekly close above key breakout levels from three weeks ago and pointed to the May high at $83,000 as the next level to watch.