Bitcoin Plunges Below $77,000 as Inflation, Oil Fears Mount

Bitcoin's price sank to below $77,000 for the fourth consecutive session due to rising inflation, oil prices, and fears of a hawkish Federal Reserve. The cryptocurrency was trading at around $76,864 on September 11, down 1.83% over the past 24 hours and 4.77% over the week.

The market sentiment has flipped to neutral, with the crypto fear and greed index dropping to 55. Nischal Shetty, founder of WazirX, noted that the market is experiencing profit-taking ahead of the CPI inflation report on September 13.

Analysts warn that sustained ETF outflows and a hawkish Fed repricing could expose Bitcoin's price at $71,800. A clean break above $82,800 would improve the bullish case for Bitcoin.