Bitcoin drops below $75,000, quickly rebounds above $76,000 as Fed rate hike fears rattle crypto

Bitcoin briefly slipped below the $75,000 mark on September 15 before bouncing back above $76,000, a whiplash move that liquidated nearly $100 million in leveraged longs. US 10-year Treasury yields surpassed 5% for the first time since November 2023, and growing expectations of a quarter-point rate hike from the Federal Open Market Committee sent risk assets into a tailspin. The numbers behind the drop Bitcoin opened the session near $78,189 and briefly climbed to approximately $78,250 before sellers took control. The decline accelerated through the afternoon, with the price bottoming out between $75,560 and $75,605. That low marked Bitcoin’s weakest level since August 21, making it a multi-week trough that caught overleveraged bulls off guard. Over $98 million in long positions were liquidated during the session. The move came just a day after Bitcoin had been rejected at session highs around $79,000 to $79,600. The Crypto Fear & Greed Index dropped from 81 to 67 over the course of the session, a slide from solidly greedy territory back toward neutral. Why Treasury yields are driving Bitcoin’s price The 10-year yield crossing 5% is particularly significant because it represent...