started · updated
Bitcoin faces resistance near $77,000 amid Fed rate hike expectations
Bitcoin is currently navigating a period of volatility, trading around the $77,000 mark as the market awaits key macroeconomic signals. Analysts from CryptoQuant suggest that a definitive confirmation of a new bull market requires Bitcoin to sustain a price above its 365-day moving average, located at approximately $81,700. Before reaching that level, the asset faces a significant supply wall between $77,100 and $80,200, where substantial amounts of BTC were previously sold by long-term holders.
Macroeconomic factors are exerting downward pressure on the cryptocurrency market. Following US inflation data that exceeded expectations, markets are pricing in an approximately 87% probability of a Federal Reserve interest rate hike. This anticipation of tighter monetary policy, combined with recent net outflows from US spot Bitcoin ETFs—totaling roughly $450 million over a three-day period in early September—has contributed to a cooling of investor sentiment.
Despite these challenges, some long-term technical indicators remain positive. The 200-week moving average, a critical long-term support level, has risen above $65,000, suggesting a strengthening structural floor for the asset. However, the immediate short-term outlook remains cautious as traders monitor the upcoming Federal Reserve decision and the ability of Bitcoin to defend key support levels near $76,000 and $70,000.
Entities
ARK 21Shares · Adam Back · Bitcoin · BlackRock · Blockstream · CryptoQuant · Ethereum · Federal Reserve · Polkadot · Solana
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Bitcoin must close above the 365-day moving average of $81,700 to confirm a new bull market. blockcast.it · koinbulteni.com · www.btc-echo.de
- [○ 1 SOURCE] US spot Bitcoin ETFs experienced net outflows totaling approximately $450 million between September 8 and September 10. blockcast.it
- [● 2 SOURCES] Bitcoin's 200-week moving average, a key long-term support indicator, has risen above $65,000. coin-turk.com
- [● 3 SOURCES] A major supply wall exists between $77,100 and $80,200 where long-term holders previously sold significant amounts. blockcast.it · koinbulteni.com · www.btc-echo.de
- [● 3 SOURCES] Markets are pricing in an approximately 87% probability of a Federal Reserve interest rate hike following US inflation data. www.finanznachrichten.de · www.blocktempo.com
- [○ 1 SOURCE] Total crypto liquidations reached $2.78 billion within a 24-hour period, with long positions bearing the brunt of the losses. www.blocktempo.com