Bitcoin Slides Under $78K as Inflation Data Hits Sentiment

Bitcoin stumbled on September 10 as prices fell below the $78,000 mark. The downturn follows a mix of pressure from U.S. producer inflation reports and noticeable outflows from exchange traded funds. Investors seem to be playing it safe as they wait for the Federal Reserve to make its next move regarding interest rates.

Technical indicators are also looking shaky for the bulls. The asset is currently trending toward its lower Bollinger Band, which suggests that momentum has shifted toward the sellers for now. The Supertrend indicator has also flipped bearish, signaling that the recent period of growth is facing a stiff test.

All eyes are now on the upcoming Federal Reserve meeting later this month. If the central bank signals a tighter policy than expected, we could see more volatility in the coming days. Traders should keep a close watch on how the market reacts to these macro updates as support levels are put to the test.