Bitcoin is facing renewed selling pressure, with the Bitcoin price falling toward $77,000 as several macroeconomic factors weigh on risk assets.
Rising oil prices, persistent US inflation and higher Treasury yields have all contributed to weaker demand for assets such as Bitcoin. At the same time, BTC is now approaching an important weekly support level that could determine whether the current pullback deepens.
The key level to watch is the 50-week exponential moving average (EMA). A weekly close below this indicator could put Bitcoin on track toward the $72,000–$74,000 region.
Bitcoin price action today
According to crypto.news data, Bitcoin traded around $76,800 at the time of writing, down from a 4-hour opening price of $77,230. BTC briefly climbed to $77,500 before sellers pushed the price back to a session low near $76,800.
The decline extends a pullback that began after Bitcoin reached a local high of roughly $82,280 on Sept. 4. Since then, BTC has continued to form lower highs and has fallen below the important $78,000–$78,200 support zone.
On the daily chart, Bitcoin managed a modest recovery from an intraday low of $76,563. However, the cryptocurrency remained below its 20-day simple moving average (SMA) at $78,601.
A daily close below that level would suggest that sellers continue to have control over the short-term trend.
Bitcoin is still trading above its longer-term moving averages. The 50-day SMA sits at $70,673, while the 200-day SMA is around $70,058 and the 100-day SMA stands at $66,915.
This structure means the broader recovery has not yet been invalidated, even though Bitcoin’s latest rally has clearly lost momentum.
Meanwhile, Chaikin Money Flow (CMF) remained slightly positive at 0.02. However, the indicator has fallen sharply from its early-September high, suggesting that buying pressure has weakened as BTC retreated from the $82,000 area.
Inflation, oil and Treasury yields pressure Bitcoin
Bitcoin’s latest decline comes as markets prepare for fresh US consumer inflation data following a stronger-than-expected producer inflation report.
US wholesale prices increased 0.4% in August and 5.4% year over year, according to the Associated Press. The hotter inflation reading has increased concerns that the Federal Reserve could keep monetary policy tighter for longer.
According to Reuters, interest-rate futures were pricing in roughly a 67% probability of a rate increase on Sept. 11, while MarketWatch reported that the probability briefly climbed as high as 72% after the producer-price data was released.
Higher interest rates can create additional pressure for Bitcoin and other risk assets. When government bonds offer higher yields, investors may have less incentive to take on the volatility associated with cryptocurrencies.
Oil prices are adding another layer of concern.
Brent crude remained above $100 per barrel, after briefly approaching $110 during the week as tensions in the Middle East raised concerns about global supply routes.
Higher energy prices can feed into transportation and production costs, making it more difficult for US inflation to return toward the Federal Reserve’s 2% target.
Bond markets have also been under pressure. The 10-year US Treasury yield moved close to 5%, according to Reuters, despite the Treasury purchasing $5.2 billion of longer-dated government bonds against an announced $6 billion target.
Together, these factors have created a difficult macro backdrop for Bitcoin.
Bitcoin indicators point to $76K support
Short-term technical indicators continue to favor the bears.
On the 4-hour chart, Bitcoin moved below its Supertrend indicator, turning the setup bearish. Supertrend resistance is currently around $79,060, making the $79,000–$80,000 region an important area for buyers to reclaim.
The 4-hour Relative Strength Index (RSI) has fallen to 34.25, while its signal line is around 39.08.
An RSI below 50 indicates weak momentum. However, because the indicator is approaching the traditional oversold threshold of 30, a short-term relief bounce remains possible.
Bitcoin’s first important support area is between $76,000 and $76,500. This zone also lines up with a visible liquidity cluster on the one-week CoinGlass liquidation heatmap.
If BTC decisively loses $76,000, the next potential target would be around $75,000, followed by the more significant $72,000–$74,000 zone.
The rising 50-day and 200-day moving averages near $70,000 could provide deeper support if the correction becomes more severe.
For bulls, the first priority is to reclaim $78,000.
A move above the $79,060 Supertrend resistance would weaken the immediate bearish setup and could open the door toward $79,800–$80,600.
The liquidation heatmap shows a large concentration of leveraged positions around $80,000, with another significant cluster near $80,600. These liquidity zones can sometimes attract price, although they should not be treated as guaranteed targets.
Analysts focus on the 50-week EMA
Crypto analyst Ted Pillows has highlighted Bitcoin’s test of its 50-week exponential moving average as a key moment for the market.
According to Pillows, a weekly close below the indicator could send BTC toward the $72,000–$74,000 range.
The weekly chart places the 50-week EMA near $77,000, meaning Bitcoin is currently testing an important medium-term support level.
If BTC holds this area, buyers could still attempt another move toward $80,000. But a confirmed weekly breakdown would weaken the recovery that began after Bitcoin’s June low.
Trader Daan Crypto Trades also pointed to growing short exposure around $78,000. He noted that these positions remained profitable as Bitcoin moved toward the lower end of its $76,000 range, while funding rates were beginning to turn negative.
Negative funding means short-position holders pay long-position holders in perpetual futures markets.
That dynamic could become important if Bitcoin suddenly recovers above $78,000. Traders betting on further downside could be forced to close their positions, potentially creating additional buying pressure and helping BTC move toward the liquidity clusters around $80,000.
On the other hand, failure to reclaim $78,000 would leave Bitcoin vulnerable to another test of $76,000.
What happens next for Bitcoin?
The next few trading sessions could be particularly important for Bitcoin.
The US consumer inflation report and the Federal Reserve’s Sept. 15–16 policy meeting remain key macro events for crypto markets.
From a technical perspective, the main levels are straightforward:
- $76,000: Immediate support and an important line for bulls.
- $75,000: Potential downside target if $76,000 breaks.
- $72,000–$74,000: Major downside zone if Bitcoin loses its 50-week EMA.
- $78,000: First level bulls need to reclaim.
- $79,060: Supertrend resistance and confirmation level for a stronger recovery.
- $80,000–$80,600: Major liquidity area that could attract price if momentum turns bullish.
For now, Bitcoin remains caught between weakening short-term momentum and a still-intact longer-term recovery structure. The reaction around the 50-week EMA near $77,000 could provide the clearest signal about whether this is simply a deeper pullback or the beginning of a larger correction.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
