Bitcoin traded near the $77,700 mark on Monday as subdued selling and a tougher macroeconomic environment kept the recovery from extending beyond $80,000. The cryptocurrency was last seen trading at $77,732.
Over the past 24 hours, Bitcoin gained 0.3%, while Ethereum fell 0.3% to trade at $2,520. Among major altcoins, BNB, Solana, Tron and Dogecoin declined by less than 1%, while XRP, Hyperliquid and Cardano gained up to 1.3%.
Vikram Subburaj, CEO of Giottus, said US spot Bitcoin ETFs attracted $3.34 billion between August 19 and September 4. That demand helped BTC recover from about $62,000 to $82,000. The immediate risk is the September 16 US Federal Reserve decision.
Subburaj further said investors should avoid high leverage before the Fed decision. Bitcoin’s $76,600 support and the deeper $71,000 level offer clearer reference points for staggered entries.
The global crypto market capitalisation was up 0.4% to $2.71 trillion, according to Coingecko.
Over the last week, Bitcoin was down 2.7% and Ethereum was up 0.4%. Among the major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin, and Cardano corrected upto were up 7.9% whereas Tron was up 0.6%.
Prateek Gupta, Head of Business, Mudrex said Bitcoin remains range-bound between $76,000 and $77,000 after Friday’s volatility, as hotter-than-expected CPI data pushed Fed rate-hike odds above 85% and made investors more cautious.
Gupta further said that market signals remain mixed with on-chain data showing “extreme greed,” the highest since March 2024, while retail sentiment remains on the bearish end.
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The week ahead is crucial, with the Senate cloture vote on the CLARITY Act scheduled for tomorrow, followed by the FOMC meeting. These events could decide Bitcoin’s next move, Gupta also said.
Riya Sehgal, Research Analyst, Delta Exchange, said Bitcoin is attempting to stabilise after defending the $76,000 region, with the latest rebound pushing price back toward $77,800. Ethereum is showing relatively stronger short-term structure, reclaiming $2,500 and trading near $2,517.
With the FOMC meeting approaching and oil prices and Treasury yields remaining important macro variables, we expect headline sensitivity and volatility to remain elevated, Sehgal further said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
