In this video, we break down Bitcoin on the Daily & 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin (BTC) is currently trading around $76,840 (approximately €66,225), marking its fourth consecutive bearish session and registering a 24-hour decline of roughly 1.95%.
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Bitcoin Insights Today
-Hotter Inflation Data: Markets are reacting heavily to a hotter-than-expected August Producer Price Index (PPI) report showing 5.4% annual inflation. This has amplified fears that the Federal Reserve may hike interest rates or keep them elevated at the upcoming September 16 policy meeting.
-Geopolitical & Oil Pressures: Ongoing military tensions in the Middle East—specifically involving naval standoffs and global energy infrastructure—have pushed Brent crude oil prices past $100 per barrel. The surge in energy costs is stoking macro inflation fears and causing a wider sell-off across global risk assets.
-ETF Outflows & Leveraged Liquidations: The downward pressure was exacerbated by an abrupt $167 million outflow from spot Bitcoin ETFs, snapping a three-week positive streak. Concurrently, over $94.96 million in leveraged long positions were forcibly liquidated within 24 hours, driving the asset deeper into short-term corrections.
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