Bitcoin is trading near $77,000 ahead of today's Federal Reserve decision, after another attempt to reclaim $80K lost momentum. The cryptocurrency faces critical support at $76K–$77K and resistance at $80K–$82K, with the Fed decision providing the next major catalyst for Bitcoin's direction. With a 25-basis-point rate hike widely priced in and August CPI at 0.4% month-over-month and 3.4% year-over-year (core 0.3% m/m, 2.4% y/y), the market's response may depend more heavily on the Fed's guidance than the headline rate move. A hawkish Fed and rising Treasury yields could pressure Bitcoin toward lower support, while softer guidance could allow a recovery toward $80K.
U.S. spot ether exchange-traded funds recorded approximately $39 million in net outflows on Thursday, marking their third consecutive day of withdrawals after $224 million left on Wednesday and $141 million on Tuesday, according to SoSoValue data. Despite the continued outflows, ether itself rose 2% to about $2,470 over the same period. Meanwhile, XRP funds lost about $5 million, reversing a small inflow from the previous day, while bitcoin ETFs attracted roughly $159 million. The Zcash fund continues to outperform, drawing nearly $47 million and bringing its monthly inflows to more than $230 million, representing the strongest showing in a month.
Zcash emerged as the top performer among major cryptocurrencies, rising 10% to about $1,488 as its sole U.S. fund drew nearly $47 million, bringing its monthly inflows to more than $230 million. This marked the strongest showing yet in a month that has brought the fund more than $230 million in total inflows. Hyperliquid's HYPE followed closely with nearly 10% gains to just above $86, while Solana gained 5% to nearly $105 and BNB nearly 4% to about $750. The Zcash fund's ability to attract money on days when the two largest crypto ETFs are losing it represents a notable shift in market dynamics, with the broader market movement suggesting cryptocurrencies are trading in alignment with traditional asset classes.
Over the past 30 days, ether funds remain more than $1.5 billion ahead while bitcoin funds are nearly $2.5 billion ahead of their previous levels. Dogecoin rose about 4%, ether and XRP each gained 2%, and bitcoin rose more than 1% to about $77,216, according to CoinDesk data. Tron was the only major cryptocurrency that barely moved during the session. The current structure leaves Bitcoin with $76K–$77K as immediate defense and $80K–$82K as the key upside barrier, with the Fed decision providing the clearest signal for Bitcoin's next direction.
Cryptocurrencies advanced alongside stocks and bonds as oil prices fell, easing inflation concerns a day after the Federal Reserve raised interest rates for the first time since 2023. The S&P 500 gained about 1% for its biggest advance in six weeks, the Nasdaq 100 rose nearly 2%, and a gauge of chipmakers climbed 3%. The 10-year Treasury yield dropped, snapping an eight-day rising streak, while the dollar remained little changed and gold climbed. The broader crypto and stock market are heavily positioned for a 25-basis-point rate hike today, making the accompanying policy guidance particularly important for Bitcoin's direction. Whether Bitcoin can recover toward $80K or extend its decline toward lower support will largely depend on the Fed's guidance and its projections for future rate increases.
