- Bitcoin price fell 1.6% over 24 hours, touching $76,500 as risk assets moved lower.
- Brent crude climbed above $108 a barrel, while the U.S. 10-year Treasury yield reached 4.95%.
- Markets are now focused on Friday’s U.S. CPI report and next week’s Federal Reserve decision.
Bitcoin price fell to around $76,500 on Thursday as a spike in oil prices, surging bond yields, and renewed inflation concerns triggered a broader risk-off move across global markets.
The latest bitcoin news comes as investors reassess the outlook for U.S. interest rates ahead of Friday’s CPI report and next week’s Federal Reserve decision.
Bitcoin Price Falls to $76,500
Bitcoin fell 1.6% over 24 hours and touched $76,500, unable to reclaim the $79,000ā$80,000 resistance zone it has struggled against in recent sessions.
Sponsored
The broader crypto market followed suit, with total market capitalization down 1.9% to $2.7 trillion.
Bitcoin’s dominance held firm at 57.1%, while market sentiment cooled to a Fear & Greed score of 68. The reading remains in “Greed” territory but is well below recent highs.
Stablecoins and decentralized finance markets remained relatively steady despite the broader pullback.
Oil and Bond Yields Pressure Global Markets
The crypto pullback mirrored a weaker session across traditional financial markets.
U.S. equities ended lower on Thursday, with the S&P 500, Dow Jones Industrial Average and Nasdaq Composite all declining as oil prices and Treasury yields climbed. The 10-year Treasury yield reached 4.95%, its highest level in nearly three years.
European markets also pulled back after the European Central Bank raised its interest rate to 2.5% from 2.25% on September 10.
Why Rising Inflation Risks Matter for Bitcoin
The pressure on Bitcoin intensified as energy prices climbed and renewed tensions involving the United States and Iran increased concerns about disruptions to global oil supplies.
Oil prices climbed again on Thursday, with Brent crude briefly rising above $108 a barrel for the first time since May. U.S. crude also moved above $102 a barrel, reaching its highest level since mid-May.
Adding to the pressure, August’s Producer Price Index (PPI) rose 5.4% year over year, up from 4.8% in July and in line with estimates. Energy prices jumped 4.2% during the month, contributing to the increase.
Higher Treasury yields can increase the opportunity cost of holding non-yielding assets such as Bitcoin and raise borrowing costs across the economy. A stronger U.S. dollar can add another source of pressure for cryptocurrency markets.
What Are Markets Watching Next?
The immediate focus is Friday’s U.S. Consumer Price Index (CPI) report for August, one of the last major inflation readings before next week’s Federal Reserve decision.
A hotter-than-expected CPI reading could reinforce expectations for tighter monetary policy and add further pressure to Bitcoin’s price. A softer reading could provide some relief to risk assets.
Investors are also watching the U.S. Senate’s scheduled procedural vote on the CLARITY Act on September 15. The vote would determine whether the crypto market-structure bill can advance to floor debate; it would not represent final passage.
For Bitcoin traders, the combination of inflation data, Treasury yields, oil prices and expectations for Federal Reserve policy is likely to remain the key driver of near-term volatility.
Explore DailyCoinās hottest crypto news today:
Coinbase Grabs XRP Rich-List Bronze After 5.5B Relabel
Ethereumās $3K Breakout Has This One Gatekeeper