Bitcoin and Ether stayed weak on Sept. 10, with BTC last at $78,180 and moving around the $78,000 level, while ETH fell back below $2,500 to $2,465. The report said rising geopolitical tension in the Middle East and fading expectations for near-term U.S. Federal Reserve rate cuts added pressure to crypto, as total liquidations across the market reached $388 million over the past 24 hours.
$388 million liquidated in 24 hours, with longs taking most of the hit
According to CoinGlass, total liquidations in the crypto derivatives market reached $388 million over the past 24 hours. Long liquidations made up $273 million, or about 70% of the total, while short liquidations came to $116 million. A total of 142,700 traders were liquidated.
The largest single liquidation occurred on Binance’s BTCUSDC contract, with a value of $6.47 million.
Oil above $100 and delayed rate-cut expectations weigh on risk assets
The article said strong U.S. nonfarm payroll data released last Friday sharply reduced market expectations for a near-term Fed rate cut. Citi has pushed its forecast for the Fed’s next rate cut to June 2027.
At the same time, tensions in the Middle East escalated. The report said a U.S. military strike on a tanker near Iran’s Kharg Island pushed Brent crude above $100 a barrel, bringing inflation concerns back into focus. The S&P 500 closed lower on Tuesday, Sept. 9, and the rise in risk-off sentiment also weighed on cryptocurrencies and other risk assets.
Major tokens decline, with SOL and XRP posting deeper losses
Bitcoin was quoted at $78,180, down 0.76% over 24 hours, with a trading range of $77,770 to $79,760. Its 14-day high was $81,731 on Sept. 4, and its 14-day low was $76,591 on Sept. 2.
Ether traded at $2,465, down 1.25% on the day, with a range of $2,442 to $2,523. Its 14-day high was $2,534 on Aug. 27, while the 14-day low was $2,371 on Sept. 2.
Other large-cap tokens saw steeper declines. Solana (SOL) traded at $101.06, down 2.64% over 24 hours, while XRP changed hands at $1.3876, down 2.31%.
Technical readings show BTC below its Bollinger midline and ETH near its own
Bitcoin’s latest daily close was $78,306. Its RSI(14) stood at 59.5, a relatively strong reading, though the close had already fallen below the 20-day simple moving average at $78,702. It remained above the 50-day SMA at $70,230 and the 200-day SMA at $69,953. MACD stayed in bearish formation, and the histogram widened from the previous day. In Bollinger Bands terms, the midline was $78,702, the upper band was $80,877, and the lower band was $76,527, with price trading below the midline. Resistance was listed at the 20-day SMA of $78,702 and the upper band of $80,877. Support was identified at the lower band of $76,527 and the 50-day SMA of $70,230.
Ether’s latest daily close was $2,468. Its RSI(14) was 61.0, also in relatively strong territory. The close sat near the 20-day SMA of $2,467 and remained above the 50-day SMA of $2,139 and the 200-day SMA of $2,048. MACD also showed a bearish formation with a widening histogram. The Bollinger midline was $2,467, with price hovering around that level. Resistance levels were the upper band at $2,538 and the 30-day high at $2,567. Support levels were the 20-day SMA at $2,467, the lower band at $2,396, and the 50-day SMA at $2,139.
Fear and Greed Index rises to 69 but stays in greed territory
Data from Alternative.me showed the Fear and Greed Index at 69 on Sept. 10, placing it in the “Greed” zone and marking a 3-point increase from the previous day’s 66. Over the past eight days, the index has ranged between 65 and 74, staying within the greed band without reaching extreme greed.
The report said higher oil prices and a shift in rate expectations could keep risk appetite under pressure, leaving traders watching for any pullback in sentiment.
This week’s focus turns to U.S. inflation data
The article said Bitcoin has spent several days moving around the $78,000 level. Resistance sits near the 20-day SMA at about $78,700 and the round-number $80,000 mark, while support is near the lower Bollinger band around $76,500.
Upcoming U.S. inflation data is described as the next key variable. If inflation comes in above expectations, rate-cut expectations could be pushed back further and add fresh pressure to risk assets. If the data is softer, it could help the market stabilize.