According to CoinMeta, analysts pointed out that Bitcoin needs sustained spot demand to maintain its upward trend from August against the backdrop of increasing risks of interest rate hikes by the Federal Reserve. In a market report on August 31, analysts mentioned that Bitcoin's recent gains are increasingly dependent on spot demand rather than excessive leverage, which puts the market in a stronger position when absorbing sell-offs. The current price of Bitcoin is around $78,700, with a decline of about 0.4% in the past 24 hours. Despite signals of interest rate hikes from Federal Reserve Chairman Jerome Powell, Bitcoin once broke through $81,000 last week. Analysts said that holding the support level at $77,100 and continued spot purchases would indicate a relatively balanced market. American spot Bitcoin absorbed approximately $3.04 billion over nine consecutive positive trading days from August 17 to 27. Although there was a first net outflow of $2.019 million on Friday, funds still ended the week with a net inflow of $924.5 million.