Bitcoin traded around $77,000 on September 11, 2026, touching an intraday low of $76,563 before staging a modest recovery. That move brought the world’s largest cryptocurrency directly into testing range of its 50-week EMA. Currently, price action remains capped below the 20-day SMA sitting at $78,601. A daily close below that level confirms that sellers maintain firm control of the market.
Market analyst Ted Pillows outlined a downside scenario should this weekly defense give way. A session close below the 50-week EMA could push Bitcoin down into the $72,000 to $74,000 range. To counter the downward pressure, Bitcoin is relying on a key support wall spanning between $76,000 and $76,500.
Short Positions Continue to Dominate
In the derivatives market, the sluggish price action has spurred an accumulation of downside bets. Market watcher Daan Crypto Trades noted that short positions opened around the $78,000 level remain profitable. This one-way selling pressure has gradually dragged funding rates into negative territory.
Sub-zero funding rates carry direct financial implications for market participants. In perpetual futures, a negative funding rate means short sellers are required to pay funding fees to traders holding long positions.
Amid the selling pressure, early signs of seller exhaustion have emerged on technical indicators. The 4-hour RSI has slipped to 34.25, hovering just above the oversold threshold at 30. Should prices reverse from here, liquidity heatmaps indicate clusters of ask orders stacked around $80,000 and $80,600.
US Treasuries Drain Crypto Liquidity
Bitcoin’s current headwinds extend well beyond technical chart patterns. Global macroeconomic dynamics are dealing a heavy blow to risk assets. First, Brent crude continues to hover above $100 per barrel following escalating tensions in the Middle East, even briefly peaking near $110 earlier this week.
Another major factor stems directly from the US Department of the Treasury. The 10-year US Treasury yield has climbed toward 5%. This surge in safe-haven yields was fueled by Treasury buyback operations involving long-term debt totaling $5.2 billion.
The market’s next move will likely hinge on mid-month macroeconomic releases. Upcoming US CPI inflation data and the Federal Reserve’s interest rate decision on September 15-16 are poised to determine the next broader trend. For short-term traders, these two macro events serve as critical timeline markers for managing exposure before major institutional capital shapes the market’s trajectory.
Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
