{
  "id": 6711234,
  "title": "Bitcoin drops to US$76,796.54 as 91% S&P 500 correlation exposes crypto’s macro trap",
  "url": "https://urgent.news/2026/09/11/bitcoin-drops-to-us-76-796-54-as-91-s-p-500-correlation-exposes",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-11T05:10:43.000Z",
  "source": {
    "name": "e27",
    "slug": "e27",
    "url": "https://e27.co/bitcoin-drops-to-us76796-54-as-91-sp-500-correlation-exposes-cryptos-macro-trap-20260911/"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "The crypto market is working through a sharp pullback. In the last 24 hours, total market cap fell 1.74 per cent to US$2.62T. Bitcoin led the decline. The largest digital asset dropped 1.87 per cent to US$76,796.54. This move did not happen alone. It tracked a broader sell-off across traditional finance. The 91 per cent […] The post Bitcoin drops to US$76,796.54 as 91% S&P 500 correlation exposes…",
  "key_points": [
    "Bitcoin price drops to US$76,796.54 amid 91% correlation with S&P 500",
    "Total market cap decreases 1.74% to US$2.62T in 24 hours",
    "Long liquidations amount to US$96.53M, RSI suggests potential oversold territory"
  ],
  "editors_take": "The 91% correlation with the S&P 500 indicates that macro forces, such as potential Federal Reserve rate hikes and inflation concerns, are now significantly influencing Bitcoin's price action.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Yahoo Finance",
        "title": "Crypto ETFs in 2026: Bitcoin, Ethereum and the Altcoin Wave Explained",
        "url": "https://urgent.news/2026/09/09/crypto-etfs-in-2026-bitcoin-ethereum-and-the-altcoin-wave-explained",
        "published": "2026-09-09T18:10:03.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}