Bitcoin Defies Expectations Near $80K Amid Fed Hike Bets

Bitcoin's price held steady near $80,000 on Monday despite stronger-than-expected US employment data and rising Treasury yields.

The cryptocurrency retreated from levels above $82,000 reached last week but has shown 'exceptional resilience' according to LMAX Group Market Strategist Joel Kruger, who said Bitcoin absorbed several potential catalysts for a correction without significant technical damage.

QCP Capital identified $80,000 to $82,000 as a local resistance zone with support around $77,000 to $78,000. Investor demand for Bitcoin has remained firm despite uncertainty around the Federal Reserve's policy outlook, with US spot Bitcoin ETFs recording $987 million in inflows last week.

Onchain indicators have also provided a constructive signal, with CryptoQuant analyst Axel Adler Jr. saying that Bitcoin's 30-day change in realized capitalization turned positive on August 24 after 87 days in negative territory and rose to 0.88% by September 6.