Bitcoin stalls near $77,000 ahead of Fed meeting

Bitcoin has stalled around the $77,000 level as the market awaits the Federal Reserve's interest rate decision. Analysts from CryptoQuant note that the current rally lacks conviction due to weak spot demand, with price action being primarily driven by derivatives. Data from analyst Alex Adler Jr. shows that the derivatives pressure index has deepened into negative territory, and the Coinbase Premium Index remains negative, signaling persistent selling pressure. Market participants are now focused on the upcoming GENIUS Act procedural vote on September 15 and the Fed meeting on September 16.