Bitcoin
Bitcoin Stays Near $79,000 as Spot ETF Inflows Counter Hawkish Fed Expectations
Strong US labor figures have lifted interest rate hike expectations, but institutional ETF inflows and onchain indicators continue to support Bitcoin's price.
Bitcoin traded near $79,105 on Monday, pulling back after briefly surpassing $82,000 last week. The retreat followed the release of the August US employment report, which showed the addition of 162,000 jobs compared to an expected 55,000, while the unemployment rate remained steady at 4.1%. The robust data increased the likelihood of a 25-basis-point rate hike at the Federal Reserve's September 16 meeting to roughly 60% on CME's FedWatch tool.
Despite headwinds from rising Treasury yields, a stronger US dollar, and higher oil prices tied to US-Iran tensions, market commentators highlighted the asset's technical stability. LMAX Group market strategist Joel Kruger observed that Bitcoin had absorbed these pressures without significant damage, while QCP Capital identified a local resistance zone between $80,000 and $82,000, with support between $77,000 and $78,000.
Institutional demand provided ongoing support, as US spot Bitcoin ETFs registered $987 million in net inflows last week, marking their third consecutive week of positive flows. In addition, CryptoQuant analyst Axel Adler Jr. reported that Bitcoin's 30-day realized capitalization growth turned positive on August 24 after an 87-day contraction, rising to 0.88% by September 6 as realized market capitalization expanded by $9.36 billion to $1.068 trillion.
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