SA Asks: How divided will the FOMC vote be next week on raising rates?

Bitcoin reached the $77,000 mark following profit-taking and a surge of leverage in the market. As of the past day, Bitcoin soared by 0.1%, while Ethereum gained 2.1% to trade at $2,521. Among the major altcoins, BNB, XRP, Solana, Tron, and Dogecoin surged by up to 2%, while Hyperliquid and Cardano saw declines. The global crypto market cap increased by 0.4% to reach $2.73 trillion, according to CoinGecko.

Nischal Shetty, founder of WazirX, noted that Ethereum is holding steady near $2,450, and the market sentiment remains in the "Greed" phase. Bitcoin continues to stay above its 200-week moving average. Technical analysis suggests that Bitcoin is at a crucial level; $76K is the immediate support, while $75.5K is where bulls need to hold firm.

Over the past week, Bitcoin dropped by 2.9%, while Ethereum rose by 2.8%. Among major altcoins, BNB and Tron gained 1.2% and 2.5%, respectively, while XRP, Solana, Hyperliquid, Dogecoin, and Cardano slipped by up to 6.4%. Riya Sehgal, a research analyst at Delta Exchange, stated that the crypto markets experienced significant two-way volatility after the latest U.S. CPI release.

Bitcoin briefly scaled the $79K-$80K mark before pulling back, resulting in $750 million in leveraged crypto positions being liquidated within 24 hours. The subsequent failed breakout prompted late buyers to exit positions. The next pivotal event on the horizon is the September 15-16 FOMC meeting, which is expected to trigger substantial market movements based on policy guidance and interest rate forecasts.