Bitcoin drops below $78,500 as sellers stay in control

Bitcoin fell as low as $78,350 on Bitstamp on September 8 before staging a modest recovery. BTC is currently trading between its first Fibonacci support near $76,600 and the $79,500-$80,000 zone it needs to reclaim to the upside.

Since Bitcoin pushed above the 23.6% Fibonacci retracement near $76,580 in late August, that level has served as the first daily support. The most recent pullback tested the area, but BTC quickly moved back above it, leaving the recovery structure intact for now. Fibonacci retracement levels, drawn from a previous swing in price, are widely used by technical traders to estimate where pullbacks may find buying interest or where rallies may stall.

Should BTC lose the $76,600 level on a daily basis, the next Fibonacci support sits near $73,000. On the upside, $82,400 remains the broader resistance zone following the recent failed attempt above $82,000.

How the golden cross lines up with $70,000 support

A golden cross forms when the 50-day simple moving average rises through the 200-day average from below. Traders generally view it as a bullish signal because it indicates that recent prices are strengthening faster than the longer-term trend, although the crossover is a lagging indicator and cannot predict the next daily move on its own. Because moving averages are derived from past prices, such crossovers often confirm a shift in trend that has already been underway for weeks rather than anticipating a new one.

In this case, the crossover carries additional significance because it occurred almost exactly at the 50% Fibonacci retracement. The 50-day average sits near $69,956, the 200-day average near $69,869, and the 50% retracement near $70,063. Together, these levels form a clear support cluster. A decline toward $70,000 would still weaken the short-term setup, but it would bring BTC onto a stronger technical floor beyond the two nearer Fibonacci supports.

Binance futures data points to continued selling pressure

Binance futures data indicates that aggressive sellers still hold the upper hand despite Bitcoin's rebound from the latest dip. A CryptoQuant analysis of Binance's Bitcoin taker buy/sell ratio showed a reading near 0.917 as BTC traded around $79,000 (CryptoQuant).

The ratio compares market buy volume with market sell volume — orders executed immediately against available liquidity rather than limit orders resting in Binance's order book. A reading below 1 means taker sell volume exceeded taker buy volume during the measured period, showing that sellers were more willing to accept current bids than buyers were to lift current offers.

The metric does not capture all Bitcoin demand, nor does it prove that a wider downtrend has begun. It tracks Binance futures exclusively and says nothing about spot-market flows, ETF activity, or positioning on other derivatives venues. It is most useful as a short-term gauge of who is driving executed futures trades.

CryptoQuant's chart shows the ratio has moved above and below the neutral level several times since May. Readings above 1.10 — and at times 1.20 — coincided with stronger upside phases in May and August, while sub-1 readings also appeared repeatedly through June, July, and August. The current 0.917 reading therefore signals active selling pressure rather than a standalone verdict that Bitcoin's recovery has ended.

For BTC to reclaim the nearby resistance area, traders would want to see price recover alongside the ratio moving back above 1, which would indicate that aggressive buyers rather than sellers are again setting the pace in Binance futures trading.

Inflation data and Iran tensions remain in focus

Investors are awaiting U.S. August inflation data: the Producer Price Index is due on September 10, followed by the Consumer Price Index on September 11. The releases matter because they can shift expectations for the Federal Reserve's September meeting. The PPI and CPI prints are among five events that could move crypto markets this week. Higher-than-expected inflation could reinforce expectations for restrictive policy, while softer readings would ease that pressure on risk assets. Macro data releases of this kind have repeatedly coincided with short-lived volatility across crypto markets, which often trade in line with broader risk assets such as equities when liquidity expectations shift.

Unresolved U.S.-Iran tensions remain another source of uncertainty for energy markets and overall risk appetite. Geopolitical escalations of this type have historically driven investors toward safer assets, and episodes of risk aversion tend to weigh on speculative assets like cryptocurrencies.

Bitcoin's next test

Bitcoin needs to hold its first support and reclaim the nearby resistance zone to reopen a move toward $82,400. A break below support would bring $73,000 into focus, with the golden-cross cluster near $70,000 forming the more important level beneath it.

This article is for informational purposes only and does not constitute financial advice.

Source: Coindoo