The Bitcoin price is trading near $78,000 on Tuesday morning (1st), on a day of pressure across risk assets. BTC briefly rose above $79,000 overnight but lost momentum as oil, the dollar and global interest rates all climbed.

This morning, Bitcoin is down 0.7%, trading at $78,114 over 24 hours. In euros, the world's largest cryptocurrency stood at roughly 67,601 EUR, according to data from Portal do Bitcoin. Ethereum, meanwhile, is up 0.3% at $2,460. XRP is down 0.4%, while Solana retreats 1.2% and BNB is down 0.2%.

The move follows a strong recent recovery. Last week, Bitcoin climbed from under $63,000 to a high near $81,400, driven by short liquidations and improved risk appetite. The market is now going through a consolidation phase, with BTC posting a slight decline over seven days.

Even so, the cryptocurrency still shows relatively better performance than part of the traditional market. Nasdaq 100 futures were falling this morning, while global stock markets faced pressure from a fresh wave of selling in government bonds. According to Reuters, the 10-year Treasury yield rose to 4.79%, its highest level since early 2025, amid rising oil prices and expectations of higher interest rates in the United States.

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Oil has returned to the centre of investor concerns. Brent crude rose above $91 a barrel, while WTI traded near $88, as investors reacted to escalating tensions in the Middle East. The rise in energy prices has revived inflation worries, coming just after Kevin Warsh's more hawkish speech at Jackson Hole, which raised bets that the Federal Reserve could resume rate hikes.

This combination weighs on Bitcoin because higher interest rates make US government bonds more attractive, strengthen the dollar and reduce the room for risk assets. The DXY index advanced towards 99.6, while gold also fell below $4,400 an ounce, a sign of broader profit-taking in assets sensitive to interest rate moves.

ETFs return to net inflows

One bright spot for Bitcoin came from spot ETFs in the United States. After a nine-day streak of net inflows totalling around $3.04 billion, which was interrupted on Friday by an outflow of $202 million, the funds resumed inflows on Monday, taking in $217 million, according to data from SoSoValue.

The return of inflows helps limit BTC's decline, but has not yet been enough to push the price back above $80,000. August's close will also be important in assessing whether institutional demand held up against the shift in rate expectations following Jackson Hole.

In derivatives markets, the data points to caution. Open interest in crypto futures remains near $136 billion, while volume fell around 7%. The reading suggests traders are not building clear bets in either direction, preferring to wait for a stronger signal.

In the short term, the $77,000 to $78,000 range remains Bitcoin's immediate support. If BTC loses this region, the pullback following last week's rally could gain momentum. On the other hand, a consistent recovery above $80,000 would be the first sign that buyers still have the strength to test the recent high near $81,400 again.

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