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Bitcoin drops below $77K amid strong ETF outflows, macro headwinds
Bitcoin dropped below $77,000 after rejecting the 200-day moving average around $82,000, as tightening macroeconomic conditions weighed on risk assets. Hotter-than-expected US inflation data, with CPI at 3.8% year-over-year, alongside rising oil prices and a climb in 10-year Treasury yield, have reduced expectations for Federal Reserve (Fed) rate cuts. Markets are now increasingly pricing in the possibility of a rate hike by December, adding pressure to crypto markets. Bitcoin historically rallied toward the 200-day moving average before reversing sharply in 2014, 2018 and 2022, with the level often marking local ... (full story)
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