Bitcoin was trading largely unchanged around $77,700 as crypto traders waited for Friday’s U.S. employment report. The data could play an important role in shaping expectations for the Federal Reserve’s next policy decision. Ethereum was similarly stable near $2,400.
Crypto markets remained cautious ahead of the jobs release, with both Bitcoin and Ethereum showing limited movement. Traders appeared reluctant to make major bets until the U.S. economic data provides a clearer indication of the direction for monetary policy.
Friday’s employment figures could strengthen or change current expectations about the Fed’s next move. As a result, the report has become a major focus for crypto traders while Bitcoin continues to hover around its current price.
Why Bitcoin ETF Demand Matters
Bitcoin’s subdued price action comes despite signs of underlying strength in its supply. Roughly 68% of Bitcoin in circulation is currently held at a profit, meaning a significant portion of the market acquired their coins below today’s price. This suggests that Bitcoin’s supply remains relatively resilient despite broader global uncertainty.
However, demand for Bitcoin exchange-traded funds has become more uneven following the strong inflows recorded in August. The slowdown suggests that institutional participation may have weakened somewhat, even though Bitcoin has managed to remain close to $77,700.
Avinash Shekhar, CEO of an Indian crypto exchange, has advised investors to remain cautious when adding Bitcoin exposure. Rather than reacting to sudden price movements, he recommends waiting for stronger confirmation and considering gradual accumulation around predetermined levels. He also emphasized monitoring trading volumes and Bitcoin’s ability to maintain higher price ranges.
Taken together, profitable Bitcoin supply and softer ETF demand point to a market that remains relatively resilient but lacks the consistent buying pressure seen during August’s stronger inflow period.
Bitcoin at $77,700: Market Snapshot and Key Limitations
As of September 3, Bitcoin was trading around $77,700, down approximately 0.1%, while Ethereum remained near $2,400. Around 68% of Bitcoin’s circulating supply was in profit, while ETF demand had become less consistent following August’s robust inflows. Market expectations also reflected a 64% probability of a Fed rate hike.
The available data does not provide confirmed support or resistance levels, moving-average signals, or a clearly defined breakout point. Instead, the market appears focused on Friday’s jobs report and how it could affect expectations for the Federal Reserve’s upcoming policy decision.
The Bureau of Labor Statistics employment release could significantly influence expectations for the Fed’s next move. That uncertainty has kept traders cautious as Bitcoin remains close to $77,700.
Geopolitical tensions add another layer of risk to the market, particularly alongside expectations surrounding potential Fed rate hikes. A decisive breakout could help establish Bitcoin’s next major trend, but for now, traders appear content to wait for the jobs data before taking stronger positions.
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