Will Bitcoin break $80,000 or fall to $75,000 as the Fed decision draws close?

Bitcoin has gained 0.5% over the past 24 hours to trade near $77,600 on Monday, but has remained below $78,000 after repeated attempts to reclaim the $80,000 level have failed.

CoinGecko put $BTC at $77,600 at the time of writing, with the cryptocurrency recovering from an intraday drop towards $76,500.

Bitcoin briefly moved above $77,750 during the rebound but gave back part of the move, while its seven-day performance remained negative at 2.9%.

The failure to return above $80,000 comes after Bitcoin reached the $82,000 area earlier in September before sellers pushed the price lower.

QCP Capital has identified $80,000 to $82,000 as a local resistance zone, with support around $77,000 to $78,000.

Fed uncertainty keeps Bitcoin below $80,000

Expectations for the Federal Reserve's Sept. 15–16 meeting changed after stronger-than-expected US employment figures for August.

Payrolls increased by 162,000, compared with market expectations of around 55,000 to 56,000, raising expectations that the central bank could increase interest rates again.

Treasury yields and the US dollar moved higher following the employment report, while Bitcoin remained below the resistance established around $80,000.

CoinShares research has linked recent digital asset fund flows with changes in US interest rate expectations.