US NFP Report May Determine Bitcoin's Next Move

The Bitcoin price has steadied around $77,700 on Thursday after its sharp rally during the second half of August. Despite this consolidation, the broader uptrend remains supported.

Institutional demand for BTC remains mixed, with spot Exchange Traded Funds (ETFs) recording inflows and outflows throughout the week. The total net inflow chart shows a mixed flow, reflecting cautious institutional positioning amid growing geopolitical tensions.

Investors are waiting for the release of the crucial US Nonfarm Payrolls (NFP) report on Friday, which will provide more cues on the Federal Reserve's future policy path and help determine the next leg of BTC's directional move. The NFP data could impact interest rates and inflation expectations, influencing the Fed's decision.