Bitcoin came under renewed pressure on Thursday, slipping roughly 0.8% to around $78,299 after failing to reclaim the $79,611 four-hour swing high. Earlier in the week, BTC was trading near $78,656, and repeated attempts to recover above $79,000 were met with selling pressure. The immediate bearish structure remains intact below $79,600, with first downside objectives at $78,031 and $77,615.
Macro catalysts are multiplying. US PPI and unemployment claims are due on September 10. Core PPI is forecast at 0.3% month-on-month, up from 0.2%, headline PPI is expected at 0.4% versus 0.0%, and unemployment claims are projected at 205,000 compared with 206,000. Stronger inflation readings could keep pressure on risk assets, while softer data may help Bitcoin stabilize.
Geopolitical tension added further uncertainty. Iran said it struck 10 ships near the Strait of Hormuz, and the United States responded by sinking five Iranian oil tankers. Brent crude climbed above $101 per barrel for the first time since late July, while WTI traded above $96. Rising oil prices fuel inflation concerns and pressure interest-rate expectations. The 10-year U.S. Treasury yield hit a three-year high after a Treasury buyback of longer-dated bonds failed to gain traction, making speculative assets such as Bitcoin less attractive.
The Japanese yen added another layer of stress, hitting its strongest level against the dollar since February at $0.0065 and up 6.5% since August. Record yen short positioning above 5 trillion yen puts traders at risk if the yen keeps strengthening. Charu Chanana, chief investment strategist at Saxo, warned that a rapid unwind could hit liquidity conditions across markets, including crypto. U.S. Treasury Secretary Scott Bessent hinted that more yen intervention could be coming, saying: 'When we intervene with the Japanese yen, I have pretty good insight into what the Bank of Japan is going to do… I have asymmetric information. I am the house now.' The Bank of Japan is expected to hike rates by 0.25% at its September 28 meeting, which could accelerate a carry-trade unwind.
On-chain and technical signals remain cautious. Analyst Ali Charts noted that Bitcoin whale holdings have stayed virtually unchanged at around 5.23 million BTC over the past week, suggesting large holders are waiting for the upcoming CPI report and FOMC meeting before making their next move. Analyst Ted Pillows flagged that Bitcoin printed a daily golden cross, but warned that spot demand is declining and a weekly close above $83,000 would be needed to set up a potential move toward $100,000.
Public Bitcoin miners have also created supply pressure. They reportedly sold between 28,000 and 32,000 BTC during the first half of 2026, worth about $1.78 billion at the time, much of it supporting expansion into artificial intelligence and high-performance computing. More than $70 billion has been committed to those sectors, giving traders another source of Bitcoin supply to monitor.
Momentum indicators are not yet giving buyers an advantage. RSI is 44.34, below the 50 midpoint and slightly under its moving average at 44.71, while the Ultimate Oscillator is 45.14, also below 50.
Key technical levels for September 10 are $79,611 on the upside and $77,615 on the downside. A clean break above $79,611 could open a test of $79,741 and then $80,516, followed by $83,000. If $78,031 and $77,615 fail to hold, BTC may be exposed to the $76,000 area, with $72,000 as a deeper downside target.
