$Bitcoin is trading at $77,289 on September 11, down 4.40% over the last seven days and 1.10% in the last 24 hours. Market cap sits at $1.55 trillion with $30.02 billion in 24 hour volume. Zoom out and the picture gets less comfortable: $BTC is down 11.66% year to date, which means everyone who bought on January 1 is still underwater.
BTC Chart in USDBut the weekly candle is only half the story. The chart shows a market that has been grinding sideways for three weeks after a violent rally, not one that is falling apart. Here is the full technical breakdown.
Why Did the Bitcoin Price Drop 4% This Week?
The drop has almost nothing to do with crypto and almost everything to do with the Federal Reserve.
Traders spent the week pricing in a rate hike. The CME FedWatch tool has been showing roughly a 60% probability that the Fed raises rates by 25 basis points at the September 16 meeting, a complete reversal from the hold expectations that dominated in late August. Strong August jobs data, recor...
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