The Bitcoin price is trading around $76,000 on Wednesday morning (2), staying within the $80,000 range that has marked recent days. The cryptocurrency lost momentum along with other risk assets, but continues to show resilience against a backdrop of more expensive oil, rising global interest rates and a stronger dollar.
This morning, Bitcoin is down 1.5%, trading at $76,448 over 24 hours. In euros, the world's largest cryptocurrency stood at roughly 66,401 EUR, according to data from Portal do Bitcoin. Ethereum, meanwhile, is down 3%, at $2,363. XRP is down 2.7%, while Solana drops 3.4% and BNB falls 0.5%.
Investors' main focus has returned to tightening financial conditions. WTI crude oil topped $93 a barrel and has posted a sharp weekly gain, driven by escalating tensions between the United States and Iran. The rise in oil prices increases inflation risk and narrows the room for the Federal Reserve to cut interest rates in the coming months.
At the same time, government bond yields keep rising across several advanced economies. The US 10-year Treasury yield is approaching 4.8%, while bonds in the United Kingdom, Japan, Germany and France are also hitting recent highs amid concerns over public debt and persistent inflation. This trend tends to weigh on risk assets, as it raises bond returns and makes financing across the economy more expensive.
Also read: 9 cryptocurrencies that could surge in September, according to analysts
Gold, which had been acting as a hedge against inflation and instability, also weakened. The metal fell to its lowest level in more than three weeks, pressured by a stronger dollar and increased bets on higher US interest rates. According to the CME's FedWatch tool, the market now sees around a 68% chance of a 0.25 percentage point rate hike by the Fed this month.
This environment turned tougher after a speech by Kevin Warsh at Jackson Hole. The Fed chair reinforced that inflation remains above target and that the central bank still has "work to do" if prices do not move clearly toward the goal. Since then, investors have priced in a stronger chance of a further rate hike in September.
ETFs see outflows led by BlackRock
Beyond the macro backdrop, Bitcoin also faced a notable outflow from spot ETFs in the United States. The funds recorded net redemptions of around $236 million on Monday, with BlackRock's IBIT accounting for roughly $201 million of that total. Fidelity's FBTC saw outflows of about $44 million, while Bitwise's BITB was the only fund with inflows, at around $8 million, according to SoSoValue data cited by CoinDesk.
The figure draws attention because the narrative of an ETF rebound had gained traction after a recent string of inflows. The market is now watching whether the outflow was a one-off adjustment concentrated in a single fund or the start of a broader reversal in institutional demand.
Among other crypto products, flows were more positive. Ethereum ETFs took in about $11 million, marking a 12th consecutive day of inflows. Funds linked to XRP received $14 million, Solana took in $10 million and Hyperliquid drew nearly $2 million.
In the short term, the key relationship remains between Bitcoin, the dollar and interest rates. Historically, BTC tends to suffer when the dollar strengthens, since a stronger US currency reduces appetite for alternative assets. The DXY index is trying to extend its recent gains and is nearing an important technical zone, which could make a stronger Bitcoin recovery more difficult.
Even so, BTC's price action suggests sellers have not managed to turn the macro shock into a deeper drop. A loss of the $76,000 level could open the door to a sharper correction after the recent rally. On the other hand, a recovery above $78,000 and then $80,000 would signal that demand remains strong even with oil, interest rates and the dollar working against it.
The gateway to bitcoin, the world's largest cryptocurrency, is MB. It is simple, secure and transparent. Stop delaying an investment with huge potential. Invest in just a few clicks!
