Why are Crypto Markets Falling Today as Bitcoin Retests $77K?

Principali approfondimenti:

• Fed rate-hike odds climbed to 60.2%, raising pressure on crypto markets and other risk assets.
• $386M in crypto positions were liquidated, including nearly $270M in longs.
• Bitcoin ETF outflows reached $166.8M over two sessions, signaling weaker demand.

Bitcoin (BTCUSD) extended its decline in crypto markets, trading at $77,770. BTC price was down from its high of $79,760 over nearly 14 hours.

The decline was attributed to a combination of factors, including a massive wave of liquidation in Bitcoin futures, a decline in demand for Bitcoin ETFs, profit-taking by holders, and rising macroeconomic fears.

All those factors pushed back crypto prices, bringing the Bitcoin price support level at $76K-$77K back into focus.

Macro Headwinds are Hitting Crypto Markets.

Renewed fears about inflation drove up market volatility. Geopolitical fears propelled oil prices over $100 a barrel, with Brent trading at $101.21, further fueling inflation concerns. CME’s FedWatch tool indicated a 60.2% chance for a Fed rate hike at the next meeting.

These developments added more pressure to risk assets. In summary, crypto markets were swept into a broader sell-off amid a hawkish rate outlook and commodity inflation concerns.

Liquidation Wave Hits Bitcoin Price

Bitcoin’s selloff triggered a huge liquidation event in crypto derivatives. CoinGlass data show that about $269.96 million in long and $116.62 million in short BTC futures positions were force-closed in a single day. That is roughly $386 million total.

This was the largest one-day liquidation in a week. Such forced selling drove Bitcoin price back toward its support zone near $77.9K. It also underscored the ongoing volatility across crypto markets.

The cascade of liquidations added to the downside momentum of crypto prices. Over-leveraged longs were automatically wiped out, and new bids failed to materialize.

ETF Outflows and Profit-Taking

Over Sept. 8–9, net outflows of $166.8 million hit U.S. spot Bitcoin ETFs, according to Farside data. This suggests that buyers in crypto markets pulled back significantly.

Meanwhile, long-term Bitcoin investors were selling off their positions, contributing to selling pressure. These long-term holders are selling off, which adds to the short-term correction.

Bitcoin Support at $76K Holds So Far

Despite the pullback, bulls can point to a key floor. Prezzo di Bitcoin briefly retested the $77K–$78K range and even the $76K demand zone, which has historically seen heavy accumulation.

The $76K level has so far held as a key support area for Bitcoin. About 35% of the BTC supply was accumulated between $76K and $82K, putting a large share of the market’s cost basis within that range.

The focus now is whether buyers continue to defend $76K or a break below it opens the door to deeper losses.

L'articolo Why are Crypto Markets Falling Today as Bitcoin Retests $77K? è apparso per primo su The Coin Republic.