Bitcoin Price Falls Below $78K as Inflation Fears Weigh on Market

Bitcoin's price fell below $78,000 on September 10 as investors waited for U.S. inflation data before making any significant moves.

The cryptocurrency hit an intraday low of $77,688 after failing to hold above the crucial level of $78,000, with daily momentum indicators showing a bearish trend.

According to crypto trader Daan Crypto Trades, Bitcoin has seen five drawdowns between 4% and 6% over the past three weeks, keeping it within a broad range of $76,000 to $81,000.

The Federal Reserve's decision on interest rates is expected to be a key catalyst for Bitcoin, with markets waiting to see if policymakers will maintain the current federal funds target range or raise it by 25 basis points.