Bitcoin Price Forecast: BTC steadies as markets turn cautious ahead of key economic data

• Bitcoin steadies around $77,700 on Thursday, trading sideways as markets await the next directional move.
• Mixed ETF inflows and outflows recorded so far this week suggest indecision among institutional demand.
• Traders remain cautious ahead of Friday’s US NFP report, which could provide fresh clues on the Federal Reserve’s policy path and determine Bitcoin’s next directional move.

Bitcoin (BTC) steadies around $77,700 on Thursday, trading sideways after its sharp rally during the second half of August. Institutional demand supports this range-bound price action, with spot Exchange Traded Funds (ETFs) recording mixed flows so far this week. Market participants remain cautious ahead of key economic data on Friday, which could provide fresh clues on the Federal Reserve’s (Fed) policy path and determine the Crypto King’s next directional move.

Mixed sentiment among investors

Institutional demand for BTC remains mixed so far this week. SoSoValue data showed that spot BTC ETFs recorded inflows on Monday and Wednesday, $216.70 million and $101.15 million, respectively, while outflows of $201.81 million last Friday and $236.46 million this Tuesday. These mixed flows reflect cautious institutional positioning amid the growing geopolitical tensions. Moreover, if the outflow trend resumes and intensifies, BTC could see further correction.