BTC intraday dip hit a low of 76,651; the price broke below the 77,000 level, and the 24-hour drop exceeded 2.5%.

Market logic:

1. The U.S. August PPI inflation data came in higher than expected. The market increased the probability of a September Fed rate hike. U.S. Treasury yields rose, putting broad pressure on risk assets, and BTC was dragged down by macro factors;

2. The derivatives market saw concentrated liquidations. The total liquidation across the whole network was $562 million, with longs being the main liquidation target;

3. On the technical side, the prior 80,000 level faced repeated pressure. Bullish momentum has continued to weaken. The current key support is 76,600; if it breaks, it will further open downside room. Resistance is at 78,000 above;

4. Liquidity: inflows into spot ETFs have slowed, and institutional caution has intensified. Funds have moved away in a risk-off posture.

Next, the focus is on waiting for the U.S. CPI data. Inflation numbers will directly determine subsequent rate expectations, which is the core factor in whether BTC can rebound.

⚠️ This market recap is for reference only and does not constitute any investment advice.
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