Bitcoin traded around $77,005 as investors pulled back ahead of the Federal Reserve's September 15-16 meeting, with the broader crypto market declining 2.01% to $2.65 trillion over 24 hours. Ethereum fell to $2,420, XRP to $1.36, and Solana to $99.31.
The pullback followed a surge in U.S. producer price inflation. August PPI rose to 5.4%, exceeding economist forecasts of 5.3%, while core PPI climbed to 4.6%—its highest level since June 2026. Prior month readings were also revised upward, signaling persistent price pressures in the economy.
Expectations for Federal Reserve action shifted sharply following the inflation report. According to CME FedWatch data, markets now price a 69.8% probability of a 25-basis-point rate increase at the September meeting, which would raise the target range from 3.50%-3.75% to 3.75%-4.00%. The likelihood of unchanged rates stood at 30.2%, a dramatic shift from a week prior when rate holds carried 50.6% probability.
Spot Bitcoin ETFs recorded $46.65 million in net outflows on September 8, marking the first daily withdrawal after three consecutive days of inflows. Spot Ethereum ETFs saw $24.29 million in net outflows the same day, though Fidelity's Ethereum ETF posted inflows of $9.89 million.
Price Levels Under Pressure
Bitcoin fell to $76,976 on Wednesday, down 0.99%, as selling pressure tested support levels. Technical analysis indicated immediate support around $76,000. A break below that level could lead to declines toward $74,000 and potentially $72,500. The MACD indicator remained bearish, while the RSI dropped to 30.95, placing Bitcoin close to oversold conditions.
If Bitcoin holds $76,000, a rebound toward the $78,000 resistance zone becomes possible, with further strength potentially opening the path to $80,000 and $82,000.
