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Bitcoin is likely to trade between $75,000 and $82,000 until the U.S. Federal Open Market Committee meeting on Sept. 15-16, according to crypto market maker Wintermute.
Wintermute said near-term direction remains difficult to predict, but buying support is coming from investors who have not yet fully increased their allocations. The firm said repeated selling has emerged around $82,000, while support is at $75,000 and $72,000. It added that if Bitcoin breaks below $72,000 on a weekly closing basis, the next clear support level would be difficult to identify.
Wintermute also said spot BTC ETF inflows led the market rebound, making it important to see whether that trend continues. The firm said it would be hard to maintain its current outlook if ETFs shift to weekly net outflows or if Bitcoin posts a weekly close below $72,000.