Bitcoin Price Slides to $77.2k on Institutional Exits
Bitcoin (BTC) price is down 1.20% to $77,298, closely tracking a 1.38% drop in the total crypto market, driven mainly by renewed outflows from U.S. spot Bitcoin ETFs and market data that is raising fears of a Federal Reserve rate hike.
U.S. spot Bitcoin ETFs saw $120.24 million in net outflows on September 9, marking a second consecutive day of redemptions and ending a three-week inflow streak. This directly reduces spot buying pressure from regulated vehicles.
The pause suggests some institutional investors are taking profits or rotating capital after Bitcoin’s recent rally above $80,000.
August headline PPI inflation reached 5.4%, above forecasts, increasing market anxiety ahead of the Fed’s meeting. Meanwhile, over $99 million in Bitcoin long positions were liquidated in 24 hours, accelerating the selloff.
The market is repricing for potential tighter monetary policy, while excessive leverage created a vulnerable setup for a swift correction.
Technically, Bitcoin broke below the daily Bollinger Band midpoint ($78,650) and Supertrend support. The immediate key support is the Fibonacci 78.6% retracement level at $76,392. The upcoming Fed meeting is the critical macro trigger.
The structure has turned near-term bearish, but holding above $76,392 could lead to range-bound consolidation between there and $78,650. A daily close below $76,392 would open the path toward the next significant support near $75,000.
ETF outflows, hot inflation data, and a leverage flush have shifted short-term momentum downward. The price action now hinges on holding technical support amid looming macro uncertainty. Bitcoin Price Jumps on Spot ETF Inflows, $99.99K Prediction
