Bitcoin trades at $77,000 mark as profit-taking weighs on market; September FOMC meeting to act as next catalyst

In the past 24 hours, Bitcoin was up 0.1% and Ethereum was up 2.1% to trade at $2,521 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin rallied upto 2% whereas Hyperliquid and Cardano were down respectively.

Also Read | Explained: Want to build a corpus with a Rs 15,000 monthly SIP? Know Rule 15*15*30The global crypto market capitalisation was up 0.4% to $2.73 trillion, according to Coingecko.

Nischal Shetty, Founder, WazirX said Ethereum is holding relatively firm near $2,450, market sentiment remains in Greed, and Bitcoin continues to trade above its 200-week moving average.

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“Markets are turning more cautious as sticky inflation gives the Fed less room to ease and has pushed expectations for a rate hike next week significantly higher.”
Technically, Bitcoin is at an important level. $76K is the immediate support, with $75.5K the level bulls really need to defend. Ethereum is holding the $2,400–$2,425 support band, while $2,500–$2,525 remains the immediate resistance, Shetty further said.Over the last week, Bitcoin was down 2.9% and Ethereum was up 2.8%. Among the major altcoins, BNB and Tron were up 1.2% and 2.5% respectively whereas XRP, Solana, Hyperliquid, Dogecoin, and Cardano corrected upto 6.4%.

Riya Sehgal, Research Analyst, Delta Exchange said crypto markets saw sharp two-way volatility after the latest U.S. CPI release, with Bitcoin briefly pushing toward $79K–$80K before giving back most of the move.

“Roughly $750 million in leveraged crypto positions were liquidated over 24 hours, with both shorts and longs caught during the rapid reversal. The initial upside squeeze forced bearish positions out, while the failed breakout later pressured late buyers.”

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The next major catalyst is the September 15–16 FOMC meeting, where policy guidance and the rate outlook are likely to drive the next major move, 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)