Bitcoin’s price continues to hover around $110,000 as markets await the U.S. Federal Reserve’s upcoming interest rate decision on September 17th.

Despite weaker-than-expected U.S. jobs data in August, which saw nonfarm payrolls rise by just 22,000 compared to the estimated 75,000, bitcoin only managed a modest 0.44% gain in the past 24 hours, reaching $111,074 on Monday.

Institutional moves and ETF flows

Analysts point to institutional profit-taking and subdued spot Bitcoin ETF flows as key factors keeping bitcoin’s price momentum capped.

Rachael Lucas, a crypto analyst at BTC Markets, commented:

“The soft U.S. jobs report did create expectations for a more dovish US Federal Reserve, which is normally supportive for risk assets like bitcoin. However, the market had already priced in some degree of policy easing. At the same time, we’re seeing profit-taking by institutional desks, while ETF flows remain relatively flat.”

Kronos Research CIO Vincent Liu echoed this sentiment, noting that even with a rate cut, risk appetite may remain limited unless ETF inflows or overall liquidity expand.

Market structure and technical levels

Lucas highlights $110,000 as a key support level for bitcoin:

“As long as Bitcoin holds that level, market structure remains constructive”

Resistance levels are noted at $113,400, $115,400, and $117,100. A move beyond these could signal renewed bullish momentum.

On- and off-chain signals

Analysts advise monitoring both on-chain and off-chain catalysts. Lucas noted that stablecoin supply is near record highs, potentially providing fuel for rallies, while bitcoin exchange balances continue to decline, reducing near-term selling pressure.

ETF flow data and regulatory developments, such as SEC and CFTC efforts on harmonized frameworks, are also seen as critical drivers for sentiment.