Crypto ETFs in 2026: Bitcoin, Ethereum and the Altcoin Wave Explained

Bitcoin's price has dropped to US$76,796.54 as the crypto market experiences a sharp decline, with total market capitalization decreasing by 1.74% to US$2.62T in the past 24 hours. This decline is part of a broader sell-off across traditional finance, with Bitcoin tracking the 91% correlation with the S&P 500, indicating macro forces are influencing price action.

The recent US PPI data for August, showing annual inflation at 5.4%, reignited concerns about potential rate hikes from the Federal Reserve. Higher Treasury yields and stock market declines contributed to the market-wide sell-off. The drop was fueled by a wave of long liquidations in the derivatives market, amounting to US$96.53M in Bitcoin positions over 24 hours, with long bets representing 90% of the total.

The Fear & Greed Index has shifted from extreme greed to caution, and Bitcoin's total market capitalization has broken below its pivot point of US$2.61T and its seven-day moving average of US$2.67T, signaling the end of a recent rally. The RSI(7) reading of 30.02 suggests the market may be nearing oversold territory. Bitcoin is currently testing the US$76,000 to US$76,350 range, which reflects active investors' average cost basis.

A break below this support could lead to further declines toward US$73,000, while a close above US$79,400 would signal a return to an uptrend. The next major test will be the September 11 CPI report, which may influence the likelihood of a Federal Reserve rate hike before the scheduled meeting on September 15-16.