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BTC Bitcoin fell below the US$77,000 mark, inflation data and leverage clearing exacerbated the market correction
On September 10, Bitcoin prices fell below US$77,000, continuing the downward trend from the US$80,000 region. Affected by multiple blows from U.S. inflation data that exceeded expectations, rising Treasury bond yields, and a wave of leveraged liquidations in the cryptocurrency market, BTC once dipped to about US$76,650 during the session, and then stabilized around US$77,000.
The decline followed the release of the U.S. producer price index (PPI) in August. Data showed PPI rose 5.4% year-on-year in August, prompting traders to increase bets on another Fed rate hike next week. According to Reuters, market expectations for the probability of the Fed raising interest rates have risen to nearly 70%, up from about 65% before the PPI was released.
The sell-off also triggered approximately US$562 million in cryptocurrency clearing. As the US$78,000 support fell, long positions were forced to close, further exacerbating Bitcoin's decline.
US$75,000 becomes the next key test
Bitcoin's technical form quickly weakened after failing to hold the US$78,000 mark. Historical data shows that BTC closed at around US$77,188 on September 10, a decline of about 1.4% within the day. The day's high hit $78,541 and the low dropped to $76,705.
The latest technical analysis shows that if sellers continue to dominate the market, US$75,000 will become the first main downward support; if this position is lost, the 200-day moving average near US$72,500 will then be tested. The upper resistance level is first at $78,000, followed by $81,000.
The current trend constitutes a direct continuation of Bitcoin's multiple blockages in the $80,000 area. Although Coinpaper recently pointed out that the market landscape has changed fundamentally since Bitcoin was traded at $8-U.S. spot ETFs now hold more than $103 billion in assets-these ETFs no longer provide the same short-term support.
ETF fund flows turned negative again
On September 9, the U.S. spot Bitcoin ETF recorded a net outflow of approximately US$120.2 million. The redemption volume on the previous day (September 8) was approximately US$46.6 million. This brought the two-day total outflows to nearly $167 million, marking the first time since mid-August that there have been two consecutive trading days of net outflows from ETFs.
Among them, ARKB led the decline in the September 9 redemption list, with an outflow of approximately US$78 million; BlackRock's IBIT lost approximately US$19.5 million. It is worth noting that in just three trading days before this correction, the Bitcoin ETF attracted more than US$1 billion in capital inflows.
The flow of these funds has become an increasingly important indicator of institutional demand for comparing ETF exposure to investors who directly hold Bitcoin.
CPI data may determine the market's direction: Will it hold on to $75,000 or rebound?
The next major catalyst is the US Consumer Price Index (CPI). Treasury yields have risen sharply. On September 10, affected by oil prices exceeding US$100 and continued high inflation, the 10-year U.S. bond yield rose to the range of 4.93%-4.95%, pushing up interest rate expectations.
Therefore, Bitcoin faces a clear technical path when CPI data is released: If it can hold on to US$75,000, BTC is expected to recover US$78,000 and try again to hit the US$80,000 -81,000 range; if it effectively falls below US$75,000, it will expose support at the 200-day moving average at US$72,500.
The bullish "golden cross" that emerged this week has not disappeared, but in the short term, inflationary pressures and liquidity are still dominating the market. Currently, Bitcoin's next move depends more on whether buyers are willing to defend the $75,000 defense line as yields approach 5%, rather than relying solely on technical golden cross signals.
