Bitcoin Plunges Below $75,000 on US Treasury Yield Surge
Bitcoin dropped below $75,000 on September 15 before rebounding above $76,000 in a volatile session. The price dip came as the US 10-year Treasury yield surpassed 5% for the first time since November 2023, prompting fears of a quarter-point rate hike from the Federal Open Market Committee (FOMC). This move sent risk assets into a tailspin, with over $98 million in long positions liquidated.
The brief dip below $75,000 marked Bitcoin's weakest level since August 21 and caught overleveraged bulls off guard. The Crypto Fear & Greed Index dropped from 81 to 67 during the session, indicating a shift from greedy territory back toward neutral.
Traders are now focused on the $75,000 to $76,000 zone as critical support, with analysts identifying the $73,000 to $74,000 range as the next support level if this floor gives way. A recovery above $77,000 could signal that the dip below $75,000 was a liquidity sweep rather than the start of a deeper correction.