Bitcoin falls below the $77,000 level; bulls face pressure before the FOMC “rate-hike day”
As of September 15, Bitcoin is trading around $77,300, repeatedly testing the key support at $76,380—the 38.2% Fibonacci retracement level from the June low to the August high.
Macroeconomic pressure continues to build. US August CPI rose 3.4% year over year, and core inflation remains sticky. Goldman Sachs has revised its September outlook from “rates unchanged” to “a 25-basis-point rate hike.” CME FedWatch shows the probability of a rate hike at the Fed’s September 15–16 meeting is as high as 86.5%, while the odds of maintaining the status quo are only 13.5%.
There is a clear divergence in market flows. Spot Bitcoin ETFs have seen net outflows for three consecutive trading days, totaling about $449 million, with BlackRock’s IBIT recording a daily outflow of $19.2 million. Ether ETFs, by contrast, attracted $216 million amid the weakness; BlackRock’s ETHA saw a daily inflow of $149 million. Capital appears to be rotating from BTC to ETH.
As of September 15, Bitcoin is trading around $77,300, repeatedly testing the key support at $76,380—the 38.2% Fibonacci retracement level from the June low to the August high.
Macroeconomic pressure continues to build. US August CPI rose 3.4% year over year, and core inflation remains sticky. Goldman Sachs has revised its September outlook from “rates unchanged” to “a 25-basis-point rate hike.” CME FedWatch shows the probability of a rate hike at the Fed’s September 15–16 meeting is as high as 86.5%, while the odds of maintaining the status quo are only 13.5%.
There is a clear divergence in market flows. Spot Bitcoin ETFs have seen net outflows for three consecutive trading days, totaling about $449 million, with BlackRock’s IBIT recording a daily outflow of $19.2 million. Ether ETFs, by contrast, attracted $216 million amid the weakness; BlackRock’s ETHA saw a daily inflow of $149 million. Capital appears to be rotating from BTC to ETH.