Bitcoin fell 1.6% in 24 hours to trade near $77,500 on Sept. 1, slipping below short-term support as rising oil prices and bond yields outweighed fresh spot ETF inflows. Technical indicators point to fading momentum, with liquidation clusters sitting just below and above the current price.
Bitcoin traded around $77,500 on Sept. 1, down about 1.6% over the previous 24 hours, after sellers pushed it from an intraday high of $79,225 to a low of $77,318. The retreat took the asset below the $77,700–$78,000 short-term support range and left it about 4.6% below its recent local high near $81,280.
Rising oil prices and yields pressure Bitcoin
Bitcoin remains above its main moving averages despite the pullback, with the 20-day sitting at $73,198 and the 200-day near $69,504. But the relative strength index has cooled to 66 from an earlier overbought reading above 70, signaling fading momentum after August's rally.
The decline followed a broader macro shift. Brent crude rose roughly 2% to $92.04 per barrel as renewed fighting between the United States and Iran revived supply-disruption concerns. More expensive energy can keep inflation elevated, which could limit the Federal Reserve's room to cut rates. A simultaneous global bond selloff pushed yields higher, making interest-bearing government securities more attractive relative to Bitcoin.
ETF inflows return but fail to offset selling
The macro pressure arrived despite renewed demand for spot Bitcoin ETFs. US products attracted a combined $216.7 million in net inflows during the latest completed session, with BlackRock's IBIT accounting for $205.9 million. The inflow reversed a $201.9 million net withdrawal recorded on Aug. 28, though Bitcoin's subsequent decline suggests macro-related selling temporarily outweighed ETF demand.
Liquidation levels frame the next move
On the 4-hour chart, Bitcoin tested the lower Bollinger Band near $77,473 while the average directional index dropped to 12.6, a reading that typically points to range-bound trading rather than a strong trend. CoinGlass data show leveraged positions clustered near $76,500–$77,000, with a larger pool near $76,000, while upside liquidity sits around $79,500 and between $80,000 and $82,000.
A sustained break below $76,500 could extend the decline toward $75,700–$76,000, with $72,500–$73,200 as the next major support if that level fails. Pseudonymous trader Eliz kept a longer-term bullish view, describing purchases above $65,000–$68,000 as a "bargain" and saying Bitcoin would eventually trade higher.
Source: crypto.news
Trading involves risk.
Risk Disclaimer
