On September 9, the cryptocurrency market experienced significant volatility. Bitcoin rose to $79,760, but over the next 14 hours, the price fell by 2.49% to $77,770. This movement led to a massive wave of liquidations, the largest in nearly a week. A total of $386 million in positions were forcibly closed: $269.96 million long and $116.62 million short. BTC returned to a local support zone at $77.9k.
Demand in the sector weakened, which was reflected in the flows of spot ETFs: over the previous two trading days, $166.8 million in assets exited the ETFs, according to Farside Investors. Long-term Bitcoin holders, according to AMBCrypto, were taking profits. Selling pressure from this group may have contributed to the short-term correction. The demand zone at $76k held, which preserved hopes for recovery. In the long term, the range of $76k–$82k remains a key zone for bulls and bears. Thirty-five percent of the total Bitcoin supply has been accumulated at this level or above.
Alongside price pressure, macroeconomic factors were at play. Rising oil prices raised concerns about accelerating inflation, and the probability of a rate hike by the U.S. Federal Reserve reached 60.2%. On the 4-hour chart, BTC maintained a structure consistent with an upward movement. Last week’s rise to $82,300 confirmed continuation, and although the current pullback was deep, the price remained above the demand zone of $77k. For a shift in the 4-hour structure to bearish, BTC needs to fall below $76,264.
The weekly liquidation map showed key nearby magnetic zones. The closest and densest was at $77.4k. There was a possibility that volatility would drive BTC to this level. Above were other magnetic zones – $79.7k, $80.5k, and $82k, which market participants are monitoring.