Bitcoin Treads Water Near $77K Amid ETF Outflows and Resistance

Bitcoin's price has been hovering around $77,327, showing minor daily gains but experiencing a weekly drop of over 3%. According to CryptoQuant, this is due in part to significant sales from long-term holders between $77,100 and $80,200. Additionally, there exists additional resistance up to $88,700. The introduction of U.S. spot Bitcoin ETFs has seen $463 million in outflows last week, ending a three-week inflow streak.

This development reflects cautious investor sentiment ahead of the Federal Reserve's policy meeting. Meanwhile, research from Bitcoin Suisse suggests that adding 2.5% Bitcoin to traditional portfolios could boost annual returns from 6.2% to 8.6%. However, this positive outlook is tempered by warnings of a potential price drop if U.S. equities correct.