Bitcoin tests critical $76,000 support cluster during macro energy shock
Bitcoin fell below $77,000 on Sept. 10 as oil rose above $100, and a global bond selloff pushed traders toward another Fed hike.
$BTC reached an intraday low of $76,676.07, Nasdaq 100 futures fell 0.7%, and the 10-year Treasury yield climbed to 4.93% while the 30-year touched 5.35%, its highest level in 19 years.
The moves followed another acceleration in US producer prices and a renewed surge in crude, pushing rate markets to price in about a 76% chance of a quarter-point Federal Reserve increase next week.
Chart shows Bitcoin’s Binance taker sell volume spiking near $1.4 billion as its price fell toward $77,000 on Sept. 10. Source: CryptoQuant
The selloff has also pushed Bitcoin back into a price zone where recent buyers had been accumulating coins.
Glassnode data show supply building between roughly $76,000 and $82,000 beneath a much heavier long-term-holder block between $83,000 and $86,000, where about 1.07 million $BTC were acquired.
That leaves the Sept. 10 decline testing a support cluster that formed during the latest recovery.
Bitcoin fell below $77,000 on Sept. 10 as oil rose above $100, and a global bond selloff pushed traders toward another Fed hike.
$BTC reached an intraday low of $76,676.07, Nasdaq 100 futures fell 0.7%, and the 10-year Treasury yield climbed to 4.93% while the 30-year touched 5.35%, its highest level in 19 years.
The moves followed another acceleration in US producer prices and a renewed surge in crude, pushing rate markets to price in about a 76% chance of a quarter-point Federal Reserve increase next week.
Chart shows Bitcoin’s Binance taker sell volume spiking near $1.4 billion as its price fell toward $77,000 on Sept. 10. Source: CryptoQuant
The selloff has also pushed Bitcoin back into a price zone where recent buyers had been accumulating coins.
Glassnode data show supply building between roughly $76,000 and $82,000 beneath a much heavier long-term-holder block between $83,000 and $86,000, where about 1.07 million $BTC were acquired.
That leaves the Sept. 10 decline testing a support cluster that formed during the latest recovery.
