Bitcoin tests critical $76,000 support cluster during macro energy shock

BREAKING: $BTC drops below $77,000 to an intraday low of $76,676, testing critical support as oil tops $100 and a global bond selloff fuels bets on another Fed hike. Over $568M in crypto positions liquidated.

Bitcoin just fell to $76,676, and half a billion dollars in leverage went with it.

Over $568 million in crypto positions got liquidated on Thursday as everything hit at once. Oil crossed a hundred dollars a barrel for the first time since May, Brent's up more than 30 percent since early August, and a global bond selloff has traders pricing a 76 percent chance the Fed hikes again next week.

And the nasty part is the inflation data hasn't even caught up yet. The producer price sampling ended August 11, before crude's latest surge. One economist reckons current diesel prices are equivalent to oil at $207 a barrel. The 30-year Treasury yield just touched 5.35 percent, its highest in 19 years, and even the ECB hiked again on Thursday.

So bitcoin's sitting on $76,000 support with Friday's CPI report incoming. If that number runs hot, this floor gets tested properly.

This is Sara White, reporting for HIT.