Bitcoin hovered around $77,700 as traders turned their attention to Friday’s U.S. employment report, which could provide fresh clues about the Federal Reserve’s next policy move. Ethereum was similarly subdued near $2,400.

Trading activity remained cautious across the crypto market, with investors largely waiting for the jobs data before taking stronger positions. Bitcoin’s limited price movement reflected the uncertainty surrounding the upcoming economic release.

A stronger or weaker-than-expected jobs report could change expectations for the Fed’s monetary policy. For crypto investors, the data therefore represents an important potential catalyst while Bitcoin continues to consolidate around $77,700.

Bitcoin Holds Up Despite Softer ETF Demand

Bitcoin’s relatively stable price is supported by the fact that a large share of its supply remains profitable. Around 68% of circulating Bitcoin is currently worth more than the price at which it was acquired, indicating that most holders continue to sit on unrealized gains.

However, the demand picture for Bitcoin ETFs has become less steady after the strong inflows recorded in August. The slowdown suggests that institutional buying has become more cautious, although Bitcoin has so far managed to maintain its position near $77,700.

Avinash Shekhar, CEO of an Indian crypto exchange, has recommended a more disciplined strategy for investors looking to accumulate Bitcoin. Rather than chasing sudden rallies or declines, he favors waiting for confirmation and adding exposure gradually at predetermined levels. Trading volume and Bitcoin’s ability to hold higher price zones should also be monitored, he said.

With most of Bitcoin’s supply still in profit but ETF demand losing some consistency, the market appears resilient without the strong buying momentum that supported prices during August.

What the Current Bitcoin Setup Shows

As of September 3, Bitcoin was trading near $77,700, a decline of about 0.1%, while Ethereum remained around $2,400. Approximately 68% of Bitcoin’s supply was in profit, while ETF demand had moderated following August’s stronger inflows. Market expectations were also pricing in a 64% probability of a Fed rate hike.

The available information does not point to a clearly established support or resistance level, nor does it provide a decisive moving-average signal or specific breakout target. Instead, traders are primarily focused on the upcoming employment report and its potential impact on U.S. monetary policy.

The Bureau of Labor Statistics data could shift expectations for the Fed’s next decision and potentially trigger a larger move across risk assets, including cryptocurrencies. Until the figures are released, Bitcoin may continue to trade within a relatively narrow range.

Geopolitical uncertainty adds another layer of risk to the market. A decisive move after the jobs report could determine Bitcoin’s next major trend, but for now, traders appear to be waiting for greater clarity before committing to a direction.