Bitcoin Recovers From $76,046.58 Low to Close at $77,339.33
Key Facts
Bitcoin traded between $76,046.58 and $79,890 during the September 11 session, then recovered from the low to record a reference close of $77,339.33, according to EL7 data. The move below $77,000 was therefore an intraday breach, not a close below the level.
The move followed data showing that the U.S. Consumer Price Index rose 0.4% in August and 3.4% over 12 months. Core CPI, which excludes food and energy, increased 0.3% on the month and 2.4% from a year earlier.
Rate-hike bets strengthened after the report, with the probability implied by federal-funds futures rising to 85% from 72% before the data, according to CME FedWatch figures cited by Axios. The shift shows traders viewed inflation as an additional reason for tightening, but it does not establish inflation as the sole driver of Bitcoin.
Producer-price data also showed persistent cost pressure. The final-demand index rose 0.4% in August and 5.4% year over year, while final-demand energy-goods prices increased 4.2%. The Bureau of Labor Statistics said energy accounted for more than 3 quarters of the increase in final-demand goods prices.
In bonds, the official September 11 reading for the 10-year U.S. Treasury yield was 4.96%. Brent crude approached $110 a barrel overnight before retreating to settle at $104.61, a backdrop that can influence risk appetite without proving direct causation for Bitcoin's move.
In the fund market, U.S. spot Bitcoin ETFs recorded about $282.7 million of outflows on September 10, led by $164.3 million of redemptions from ARKB. Another tracker reports the total as $282.6 million because of rounding; the figures establish net redemptions, not that the flows alone caused the price move.
Higher yields increase the return available on less volatile instruments and can raise the opportunity cost of holding Bitcoin, but the relationship is not mechanical. The Federal Open Market Committee meets on September 15 and 16, when investors will watch the decision and Federal Reserve Chair Kevin Warsh's press conference for signals on inflation and the path of rates.
Latest Updates · 9
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Update: From a technical perspective, Bitcoin's short-term bias has shifted bearish as price action remains below key resistance levels. Traders are currently monitoring the 100-hour moving average at $78,218 and the 200-hour moving average at $79,104 as technical hurdles for any recovery attempts.
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Update: From a technical perspective, Bitcoin's 'golden cross' signal has faded as market bets on interest rate hikes solidify. This loss of technical momentum reflects the increasing sensitivity of digital assets to the hawkish monetary policy stance under Fed Chair Kevin Warsh.
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Update: This sharp price volatility triggered a massive wave of liquidations across the crypto market, with total liquidations exceeding $732 million. This occurred as Bitcoin reached an intraday price peak of $79,837 before stabilizing at its current levels.
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Update: Bitcoin has faced downward pressure following a price rejection at the $80,000 psychological level, stalling its recent momentum. According to analyst reports, the market is now focused on the $76,000-$77,000 support zone as a critical area to prevent a broader technical correction.
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Update: The market witnessed the expiry of $2.24 billion worth of Bitcoin options on Friday, which intensified price volatility. According to reports, this settlement contributed to a further decline, with the price stabilizing below the $76,000 level.
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Update: Rising inflation pressures have triggered a massive liquidation wave in the crypto market totaling $562 million. According to analyst data, traders are now closely monitoring the $75,000 level as a critical technical support zone that may determine the price trajectory if the sell-off persists.
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Update: Technical pressure on Bitcoin has intensified as price tests the 50-week EMA, signaling a potential slide toward the $74,000 level. This downside risk is being compounded by rising Treasury yields and a spike in oil prices, further dampening risk appetite across digital asset markets.
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Update: Bitcoin has recorded a total decline of 5% over the week's trading, reflecting a significant repricing of risk. According to reports, market-implied odds for a Federal Reserve interest rate hike have surged to nearly 70% in the wake of the latest inflation data.
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Update: Latest data confirms that Bitcoin ETF outflows persisted for a third consecutive session as of September 10. Conversely, a notable divergence in institutional appetite has emerged, with XRP-backed funds recording their third straight day of net inflows, suggesting a selective rotation of capital within the digital asset ecosystem.