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BTC Key Insights
The probability of a Fed rate hike climbs to 60.2%, putting pressure on the cryptocurrency market and other risky assets. The total amount of cryptocurrency position clearing reached US$386 million, of which long positions were nearly US$270 million. Bitcoin ETF outflows of $166.8 million in two trading days, indicating weakening demand. Bitcoin (BTCUSD) extended its decline in the crypto market, trading at $77,770. In the past nearly 14 hours, BTC prices have retreated from a high of $79,760.
The decline was attributed to multiple factors, including a massive wave of liquidations in Bitcoin futures, declining demand for Bitcoin ETFs, profit-taking by holders and intensified macroeconomic concerns. These factors together suppressed the price of the crypto market, bringing Bitcoin's key support level of US$76,000-US$77,000 back into the market focus.
Macro headwinds hit crypto markets
Renewed inflation concerns have pushed up market volatility. Geopolitical tensions pushed oil prices above $100 a barrel, with Brent crude trading at $101.21, further exacerbating inflation concerns. CME's FedWatch tool shows that the probability of the Fed raising interest rates at its next meeting is 60.2%.
These developments have put greater pressure on risky assets. Overall, the crypto market has been caught in a broader wave of sales against the backdrop of hawkish interest rate prospects and commodity inflation concerns.
Liquidation wave hits Bitcoin price
The sell-off of Bitcoin triggered a huge liquidation in the crypto derivatives market. CoinGlass data showed that approximately $269.96 million of long and $116.62 million of short bitcoin futures positions were forcibly closed in one day alone, totaling approximately $386 million. 
This was the largest one-day liquidation in the past week. This mandatory selling pressure pushed Bitcoin prices back into the support area around $77,900, while also highlighting the continued volatility of the crypto market.
Chain clearing has intensified the downward trend of crypto prices. Highly leveraged bulls were automatically liquidated, but new buying orders failed to emerge.@ 0_14 #
ETF Fund Outflows and Profit-Taking
Farside data shows that between September 8 and 9, the net outflow of U.S. spot Bitcoin ETF was US$166.8 million. This indicates a significant retreat from buyers in the crypto market. At the same time, long-term Bitcoin investors are reducing their positions, increasing selling pressure. The selling behavior of these long-term holders exacerbated the short-term correction.
US$76,000 support is temporarily solid
Despite the correction, many parties can still view this as a key bottom. Bitcoin prices briefly tested the US$77,000 -78,000 range, and even hit the historically accumulated US$76,000 demand area. 
So far, the US$76,000 level has been a key support area for Bitcoin. About 35% of BTC supply is accumulated between US$76,000 and US$82,000, which means that a large part of the market's cost base is within that range.
The focus now is whether buyers will continue to defend the $76,000 mark or whether a break below this level will open up room for deeper declines.@ 0_27#
