Bitcoin Plunges Below $77K Amid Inflation and Yield Spikes
Bitcoin's price fell below $77,000 on September 10 as hotter U.S. inflation and rising Treasury yields hit the crypto market.
The selloff was triggered by August producer inflation of 5.4% year over year, which increased traders' bets on another Federal Reserve rate hike next week, with Reuters putting the probability at around 70%, up from 65% before the PPI release.
Approximately $562 million in crypto liquidations followed, with Bitcoin contributing to the wave as long positions were forced out after the $78,000 support area failed.
The technical picture weakened quickly after Bitcoin failed to hold $78,000, with fresh analysis now placing $75,000 as the first major downside support, followed by the 200-day moving average near $72,500 if sellers remain in control.