Bitcoin remained close to $78,000 on Tuesday, preserving much of its strong August performance despite rising oil prices and anticipation of a Federal Reserve rate increase in September, analysts noted.
The cryptocurrency’s value rose approximately 25% in August, its best monthly gain since November 2024 and the strongest since 2017, according to market data. However, recent volatility saw spot Bitcoin exchange-traded funds (ETFs) experience a $202 million outflow after nine consecutive days of inflows totaling $924 million.
Market strategists highlighted key support levels at $75,000 and $72,000, with resistance near $82,000, as traders monitor central bank policy and geopolitical risks. Joel Kruger of LMAX Group said the asset’s resilience was “notable given the increasingly difficult cross-asset backdrop,” citing higher bond yields, a stronger dollar, and renewed global tensions.
Jasper De Maere of Wintermute noted that under-allocated investors were “providing price support” ahead of the Federal Reserve’s September meeting, with $75,000 and $82,000 as critical thresholds. Meanwhile, Kyle Rodda of Capital.com suggested weaker-than-expected U.S. nonfarm payrolls data could “cast doubt” on the Fed’s willingness to raise rates amid a weakening labour market.
Expectations for a September rate hike remain unconfirmed, while the interplay between crypto markets and broader economic indicators continues to draw scrutiny.
Written by Oliver Grant
Markets Desk
