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BTC Bitcoin fell below the US$77,000 mark
On September 10, Bitcoin prices fell below US$77,000, continuing the decline since the US$80,000 region. The decline was mainly driven by stronger U.S. inflation data, rising Treasury yields and large-scale leveraged liquidations in the cryptocurrency market.
Inflationary pressures and interest rate hikes are heating up
The correction began when data on the U.S. producer price index (PPI) showed an annual growth rate of 5.4%. In response, traders significantly raised their expectations for the Federal Reserve to raise interest rates again at its next meeting. Reuters estimates that the probability of a rate hike is about 70%, up from 65% before the inflation report was released.
Rising rate hikes forecast put pressure on stocks and crypto assets throughout the trading day. At the same time, U.S. bond yields climbed. As oil prices exceeded US$100 and inflation continued to be high, the U.S. 10-year bond yield hit a range of approximately 4.93% to 4.95%. As macroeconomic factors suppressed market sentiment, Bitcoin fell to a low of $76,650, and then stabilized at around $77,000 in the late session.
Technical Analysis and Liquidation
Bully forces failed to hold the US$78,000 mark, resulting in weak technical prospects and accelerating Bitcoin's downward trend. The break triggered approximately $562 million in cryptocurrency liquidations, most of which was due to the forced liquidation of long positions due to the loss of support levels. Data showed that Bitcoin closed at around US$77,188 that day, fluctuated between US$78,541 and US$76,705 throughout the day, and eventually fell by about 1.4%.
Currently, technical analysts view $75,000 as the next important downside support. If sellers continue to dominate, the 200-day moving average below it (approximately $72,500) will become a key line of defense. In terms of upper resistance, focus first on the $78,000 level, followed by the $81,000 level.
Recent markets mark the continuation of Bitcoin's efforts to build sustained momentum above US$80,000. The short-term direction depends on whether buyers can hold the $75,000 mark while yields approach 5%.
Although a bullish "golden cross" pattern still appears on the chart, tactical movements in the short term seem to be more closely correlated with inflation and liquidity news. The "golden cross" means that the short-term moving average crosses the long-term moving average and is usually regarded as a positive technical signal. However, rapid changes driven by macro factors are currently taking precedence over chart forms.
ETF outflows intensify
On September 9, U.S. spot bitcoin exchange-traded funds (ETFs) recorded a net outflow of $120.2 million, following a redemption of $46.6 million the day before. The total outflow of $167 million was the first time since mid-August that these funds have seen net redemptions for two consecutive days. ARK Invest's ARKB led the decline and outflow of the list on September 9, with approximately US$78 million withdrawn, while BlackRock's IBIT ETF also recorded approximately US$19.5 million in redemptions. The reversal came after the Bitcoin ETF had net inflows of more than $1 billion in the previous three trading days.
Experts point out that for comparing ETF exposure to investors who directly hold Bitcoin, fund flows increasingly reflect changes in overall institutional adoption and demand. The U.S. spot Bitcoin ETF, which aims to provide exposure to regulated crypto assets through traditional markets, has grown to more than $103 billion in asset management. However, the recent retreat suggests a weakening of short-term confidence among large holders.
Looking ahead, Bitcoin's next move will depend on investor appetite near the US$75,000 support level and changing macroeconomic conditions. Successfully holding this level could open the way for a recovery to $78,000 and another attempt to hit the $80,000 to $81,000 range; a break could trigger a test of the 200-day moving average.
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