Bitcoin falls back below $80,000, this week's inflation data could be key to direction selection

BlockBeats News, September 8 - Bitcoin fell in a low-liquidity environment on Monday, dropping nearly 2% intraday and slipping back below the $80,000 mark, essentially erasing gains made after breaking above $80,000 over the weekend. Earlier, Bitcoin had just recorded its first weekly close above $80,000 since May.

Due to the U.S. Labor Day holiday, the stock market closure reduced market liquidity, thinning order books and increasing the risk of short-term price volatility. CoinGlass data shows that over the past 24 hours, long and short liquidations in the crypto market were relatively balanced, with total liquidations amounting to approximately $178 million. Current liquidity near the market price is mainly concentrated at $80,500 and $78,800.

QCP Capital stated that market volatility has continued to contract recently, with traders awaiting new external catalysts. U.S. inflation data due Thursday and Friday this week could be a key factor influencing market direction and further altering expectations regarding the Fed's rate hike path.

Despite Bitcoin's recent sideways movement, analysts remain focused on its resilience. Bitget Chief Analyst Ryan Lee noted that even as unexpectedly strong U.S. employment data typically pushes up Treasury yields and the dollar, pressuring risk assets, Bitcoin has managed to maintain high-level consolidation, suggesting the market does not view potential Fed rate hikes as the sole determinant of current price action.

Additionally, inflows into U.S. spot Bitcoin ETFs remain a market focus, with a single-day net inflow previously reaching approximately $730 million, marking the highest daily inflow level since January this year.