Bitcoin declined to an intraday low of $76,676.07 on September 10 as macroeconomic pressures intensified across markets. West Texas Intermediate crude rose more than 4% to above $100 a barrel for the first time since May, while the 10-year Treasury yield climbed to 4.93% and the 30-year yield reached 5.35%, its highest level in 19 years.
The moves followed an acceleration in US producer prices and renewed oil strength, prompting traders to price in approximately a 76% chance of a quarter-point Federal Reserve rate increase at its September 15-16 meeting. US producer prices rose 0.4% in August and 5.4% from a year earlier, up from a 4.8% annual increase in July.
The timing of the oil surge presents a challenge for inflation measurement. The latest producer price report captured data only through August 11, before crude, gasoline, and diesel prices moved sharply higher. Economists noted that current diesel prices were equivalent to crude trading near $207 a barrel, suggesting that energy cost increases have not yet fully reflected in official inflation data.
The European Central Bank raised its deposit rate by 25 basis points to 2.5% on September 10, its second increase this year, as euro-area inflation climbed above 3%. The ECB revised its 2027 inflation projection upward to 2.5% from 2.3%.
The pressure in bond markets intensified as the Treasury expanded liquidity operations. The two-year Treasury yield climbed to approximately 4.50%, nearly a percentage point above the Federal Reserve's current target range of 3.50% to 3.75%, signaling trader expectations for additional rate increases.
The market stress quickly extended into cryptocurrency. More than 161,900 traders faced liquidation over the previous 24 hours, with total forced position closures reaching approximately $568 million. Bitcoin longs accounted for about $138 million of liquidations, while Ethereum longs lost another $113 million.
Bitcoin taker sell volume on Binance surged above $1.4 billion within one hour as derivatives traders positioned for further declines or reduced exposure. More than $60 million of Bitcoin positions were liquidated during the same period.
The September 10 decline tested a support cluster that formed during the recent recovery. On-chain data indicated buyer accumulation between approximately $76,000 and $82,000, beneath a heavier long-term-holder supply block between $83,000 and $86,000 where roughly 1.07 million BTC were acquired. Deeper support was identified around $62,000 to $65,000, leaving Bitcoin exposed to substantially lower levels if the macro selloff persists.
The next significant market test will come with the consumer price report on September 11, with economists expecting headline prices to rise 0.4% in August and core prices to increase 0.2%. A stronger-than-expected reading could reinforce expectations for a Federal Reserve rate increase and push the 10-year yield through 5%, adding pressure to Bitcoin. However, even the September CPI data will capture only a portion of the recent oil price movement, leaving subsequent inflation reports to reflect the full extent of the energy shock.
