Bitcoin Price Plunges Below $77K Amid Inflation Fears
Bitcoin's price fell below $77,000 on September 10, as investors react to rising U.S. inflation and increasing Treasury yields.
The cryptocurrency dropped as low as $76,650 before stabilizing near $77,000, with traders betting on another Federal Reserve rate hike next week, now with a 70% probability, according to Reuters.
The selloff triggered approximately $562 million in crypto liquidations, with Bitcoin contributing significantly as long positions were forced out after the $78,000 support area failed.
The technical picture has weakened, and analysts are looking at $75,000 as the next major downside support, followed by the 200-day moving average near $72,500 if sellers remain in control. The current setup is a direct continuation of Bitcoin's repeated failures around $80,000.