Bitcoin's Price Faces Crucial Resistance at $81,259 Ahead of Fed Meeting
Bitcoin's price remains near $79,700 after spending the weekend close to the $80,000 level. The current chart shows resistance at $81,259, and a move above this could expose the $82,000 to $83,000 area.
The chart also indicates lower-range support at $76,206, with deeper support zones ranging from $72,000 to $74,000. This level sits below the current consolidation and near levels traded during August.
The latest rejection by Bitcoin followed stronger U.S. employment data released on September 4, which increased market expectations for another Federal Reserve rate increase. Rate futures now point toward a roughly 60% probability of a September hike.
U.S. spot Bitcoin ETFs recorded $3.52 billion in net inflows during August, their strongest month so far this year. The funds remain one measure of institutional demand as Bitcoin tests the $80,000 level.