Bitcoin was little changed near $77,700 as traders stayed on the sidelines ahead of Friday’s U.S. jobs report. The employment data could have a major impact on expectations for the Federal Reserve’s next policy move. Ethereum was also relatively steady, trading around $2,400.
Crypto markets remained subdued as investors waited for a clearer signal from the U.S. economic data. Bitcoin’s narrow price range, along with Ethereum’s muted performance, reflected the cautious mood across the market.
The jobs report could either strengthen the current outlook for Fed policy or prompt traders to reassess their expectations. That makes Friday’s release an important catalyst for crypto markets as Bitcoin continues to trade around $77,700.
ETF Demand Loses Momentum
Bitcoin’s stable price comes despite evidence that a large portion of its supply remains profitable. Approximately 68% of circulating Bitcoin is currently above its acquisition price, indicating that many holders are still sitting on unrealized gains despite ongoing global uncertainty.
However, Bitcoin ETF demand has shown signs of losing consistency after the strong inflows seen throughout August. The change suggests that larger investors may be taking a more cautious stance, even as Bitcoin continues to hold near the $77,700 level.
Avinash Shekhar, CEO of an Indian crypto exchange, has encouraged investors to avoid making aggressive Bitcoin purchases during uncertain conditions. Instead, he recommends waiting for confirmation, accumulating gradually at predetermined price levels, and tracking trading volume along with Bitcoin’s ability to maintain elevated price levels.
The combination of a high percentage of profitable Bitcoin supply and weaker ETF demand points to a market that remains resilient but lacks the strong and consistent buying pressure witnessed during August.
Bitcoin at $77,700: What the Current Data Shows
The September 3 market snapshot showed Bitcoin trading around $77,700, down about 0.1%, while Ethereum remained close to $2,400. Around 68% of Bitcoin’s supply was in profit, while ETF demand had become less reliable following August’s strong inflows. Market pricing also indicated a 64% probability of a Fed rate hike.
There are currently no confirmed support or resistance levels, moving-average signals, or specific breakout targets identified in the available data. Instead, attention remains firmly on the upcoming jobs report and its potential impact on expectations for U.S. monetary policy.
The Bureau of Labor Statistics employment figures could reshape the market’s view of the Fed’s next decision. Until those numbers arrive, traders appear likely to remain cautious with Bitcoin hovering near $77,700.
Geopolitical uncertainty adds another source of risk to the market, while potential changes in Fed policy could further influence crypto prices. A sustained breakout in either direction could establish Bitcoin’s next major trend, but for now, investors are waiting for the jobs data before making stronger directional bets.
