Bitcoin defies oil surge and rising rate

Bitcoin defies oil surge and rising rate-hike bets after best August since 2017
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Bitcoin defies oil surge and rising rate-hike bets after best August since 2017

Economies.com
2026-09-01 11:47 UTC

Bitcoin traded near $78,000 on Tuesday, holding on to most of its gains from August despite rising oil prices and growing expectations that the US Federal Reserve will raise interest rates this month.

Bitcoin gained around 25% in August, marking its best performance for the month of August since 2017 and its strongest overall monthly performance since November 2024 market strategist at LMAX Group

Since then, renewed escalation between the United States and Iran has pushed Brent crude above $90 a barrel, while comments from Federal Reserve Chair Kevin Warsh at Jackson Hole have raised expectations over the possibility of an interest rate cut in September.

“This resilience is notable given the increasingly challenging environment across asset classes, with rising bond yields, a stronger dollar and renewed geopolitical tensions all creating headwinds for risk assets,” Kruger told The Block.

He added that the combination of higher oil prices and Warsh’s hawkish message is limiting Bitcoin’s ability to extend its gains in the near term, although buyers continue to enter the market on price declines.

Jasper De Maere, an over-the-counter trader at crypto market maker Wintermute, also views Bitcoin’s recent price action positively.

Bitcoin briefly climbed above $81,000 last week before retreating below $78,000 following Warsh’s speech, but ended the week nearly unchanged after gaining 23% the previous week.

De Maere said Bitcoin managed to absorb the shift in interest rate expectations, the selloff in chip stocks and month-end trading flows without surrendering its breakout. He noted that spot Bitcoin exchange-traded funds attracted $924 million in inflows over nine consecutive sessions of positive flows before recording $202 million in outflows on Friday.

“Investors who remain underexposed are providing support for prices here, with $75,000 and $82,000 viewed as key levels until the Federal Open Market Committee meeting in mid-September,” De Maere said.

Wintermute expects Bitcoin to remain volatile until the interest rate decision, with resistance around $82,000 and support at $75,000 and $72,000.

Kruger of LMAX also expects consolidation to continue for now, pointing to the $80,000 to $82,820 range as the key area Bitcoin needs to overcome.

He said a sustained breakout above that range could open the door for the cryptocurrency to move back above $100,000.

Traders are now turning their attention to the US nonfarm payrolls report due on Friday.

Economists expect employment to rise by a modest 55,000 jobs in August, while the unemployment rate is expected to remain at 4.1% senior financial markets analyst at Capital.com

“Another weaker-than-expected reading could raise doubts about how willing the Fed will be to raise interest rates amid a deteriorating labor market,” Rodda told The Block.

Oil extends gains as renewed US-Iran strikes fuel supply concerns

Economies.com
2026-09-01 11:40 UTC

Oil prices rose on Tuesday as attacks between the United States and Iran resumed in the Middle East, renewing concerns about supply disruptions from the world’s key oil-producing region.

Dollar rises on rate-hike expectations as yen weakens again

Economies.com
2026-09-01 10:45 UTC

The US dollar rose on Tuesday as a global bond selloff intensified and inflation concerns resurfaced following renewed attacks in the Gulf region, while the yen weakened back beyond 160 per dollar despite growing pressure on the Bank of Japan to raise interest rates.

Gold slides to two-week low under pressure from US yields

Economies.com
2026-09-01 08:36 UTC

Gold prices fell to a two-week low in European trading on Tuesday, extending losses for a third consecutive day under pressure from a stronger US dollar and rising Treasury yields.

Source: www.economies.com