Bitcoin Holds Around $77,700 as Investors Await US Jobs Report for Fed Rate Clues

Bitcoin traded near Rs. 73.5 lakh on Thursday as the cryptocurrency market remained range-bound amidst fresh geopolitical risks and uncertainty around the Federal Reserve's September policy decision. Ethereum (ETH) was trading near Rs. 2.2 lakh, while major altcoins continued to hold around key psychological levels. According to market participants, investors are awaiting Friday's US employment report for clearer signals on the Fed's policy direction, while higher oil prices following US military strikes on Iran are weighing on broader risk sentiment. According to CoinGecko data, Bitcoin traded near $77,700 (roughly Rs. 73.4 lakh), and Ethereum traded near $2,400 (roughly Rs. 2.26 lakh).

The world's largest cryptocurrency saw almost no fluctuation, with a 0.1 percent decline in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said Bitcoin remains caught between macroeconomic and geopolitical pressures ahead of Friday's US jobs report, with markets pricing roughly a 64-66 percent probability of a 25-basis-point Fed rate hike in September. Bitcoin's ability to hold key support levels and a decisive move from its current range could set the tone for the next leg across the broader crypto market.

Major altcoins traded with mixed momentum on Thursday.

Binance Coin (BNB) was priced around $697 (roughly Rs. 65,800), while Solana (SOL) traded near $100.50 (roughly Rs. 9,500). XRP hovered around $1.37 (roughly Rs. 129), while Dogecoin (DOGE) was trading close to $0.0829 (roughly Rs. 7.8), indicating continued caution across major cryptocurrencies. 

Bitcoin And Major Altcoins Hold Key Psychological Levels

Pointing to Bitcoin's attempt to establish a firmer base, Avinash Shekhar, Co-Founder and CEO, Pi42, said, “A decisive move in Bitcoin from the current range could set the tone for the next leg across the market. At this stage, investors may benefit from focusing on confirmation rather than chasing sudden price moves. Gradual accumulation at defined levels, along with close attention to trading volumes and Bitcoin's ability to sustain higher levels, could offer a more measured approach. Altcoins such as XRP and Solana may respond more sharply to any improvement in overall market momentum.”

Highlighting the impact of geopolitical risks and the upcoming US employment report, the CoinSwitch Markets Desk said, “The US military strikes on Iran have added a fresh geopolitical risk premium to markets, with higher oil prices weighing on broader risk sentiment and pushing Bitcoin below $77,000 (roughly Rs. 72.7 lakh). The next major test comes from Friday's US jobs report, particularly as markets are already pricing a 64 percent chance of a 25 bps Fed rate hike in September [...] Until the jobs data arrives, BTC is likely to remain caught between these macro and geopolitical forces, keeping rangebound trading in focus.”

Assessing Bitcoin's range-bound movement and investor positioning, Vikram Subburaj, CEO, Giottus.com, said, “On-chain indicators remain mixed but not weak. Around 68 percent of Bitcoin supply is currently in profit. The Short-Term Holder Cost Basis is near $71,000 (roughly Rs. 67 lakh). This means recent buyers remain broadly profitable. However, ETF demand has become less consistent following strong inflows in August. This suggests institutional buying is no longer providing the same one-way support [...] Investors should avoid aggressive leverage ahead of key US data. Staggered accumulation and disciplined position sizing remain preferable.”

Overall, analysts said on-chain indicators suggest recent buyers remain broadly profitable and traders continue to hold key levels in Bitcoin. Less consistent ETF demand has weakened institutional support. Analysts recommended focusing on confirmation rather than chasing sudden moves. A decisive move from the current range could determine the next direction for Bitcoin and major altcoins.