Key Takeaways
Bitcoin fell below $77,000 as rising energy costs, bond yields, and Fed rate hike expectations triggered $568 million in crypto liquidations.
According to CryptoSlate, Bitcoin dropped 3.4% below $77,000, reaching an intraday low of $76,676.07 amidst a broader macro energy and bond market shock. Surging oil prices, a global bond selloff, and rising US producer prices pushed rate markets to price in a 76% chance of a Federal Reserve interest rate increase. The macroeconomic pressures led to over $568 million in crypto liquidations across more than 161,900 traders, with Bitcoin longs accounting for $138 million and Ethereum longs losing $113 million.
Data from CryptoQuant revealed that Bitcoin taker sell volume on Binance surged past $1.4 billion within an hour as derivatives traders exited positions. The downward move forced Bitcoin to test a newly formed support cluster between $76,000 and $82,000, which had formed during recent market recoveries. Analysts noted that upcoming consumer price index reports and subsequent inflation data will test whether this accumulation range can hold against ongoing energy price pressures.
Source & Fact-Check Note
This report is synthesized from coverage by CryptoSlate. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at CryptoSlate ↗
