Bitcoin Experiences Volatile Trading as Price Dips Below $75,000

On September 15, Bitcoin briefly fell below the $75,000 mark before rebounding to over $76,000, resulting in the liquidation of more than $98 million in leveraged long positions. The decline was triggered by rising U.S. Treasury yields, which surpassed 5% for the first time since November 2023, alongside increasing expectations of a quarter-point rate hike from the Federal Open Market Committee (FOMC).

The cryptocurrency opened the trading session near $78,189 and initially climbed to approximately $78,250 before sellers took control, leading to a rapid decline. The price reached a low between $75,560 and $75,605, marking its weakest level since August 21. This sharp selloff caught many overleveraged investors off guard, contributing to the significant liquidation of long positions.

The rise in Treasury yields is notable as it represents a psychological threshold for investors. The anticipated FOMC rate hike, even if modest at 25 basis points, indicates a continuation of monetary tightening that many had hoped was behind them. Following a rejection of Bitcoin near $79,600 on September 14, large holders appeared to use this as an exit signal, leading to increased selling pressure and the subsequent price drop.

Traders are now closely monitoring the $75,000 to $76,000 range as critical support. Analysts have identified the $73,000 to $74,000 range as the next potential support level if the current floor fails. A recovery above $77,000 could suggest that the dip below $75,000 was merely a liquidity sweep rather than the onset of a deeper correction. The Crypto Fear & Greed Index also reflected this shift, dropping from 81 to 67, indicating a market pullback in leverage ahead of the upcoming FOMC rate decision.

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Source: KLEA News