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Bitcoin is maintaining a firm trend and holding support at $77,100 despite a more hawkish Federal Reserve stance, according to Bitfinex’s latest Alpha report.
Bitfinex said BTC briefly rose above $81,000 last week before pulling back after Federal Reserve Chairman Kevin Warsh’s Jackson Hole speech, but it continues to hold the key $77,100 support level. The firm said August’s gains were driven by spot buying rather than excessive leverage, while open interest rose gradually. U.S. spot Bitcoin ETFs saw about $1 billion in net inflows last week, indicating continued institutional demand. Bitfinex added that liquidity centered on ETFs and stablecoins is supporting the crypto market’s uptrend, although expectations for future rate hikes could limit further upside. U.S. employment and inflation data, along with capital inflows into the crypto market, are likely to be the key variables going forward.