Bitcoin Holds, Wall Street Stalls as Oil Shock Revives Fed Hike Bets
Bitcoin’s August rally has stalled as September selling pressure returns, with BTC down around 0.7% near $78,524 after briefly falling to $77,603. Broader markets also weakened: the S&P 500, Dow, and Nasdaq slipped as oil prices surged toward $100 a barrel on U.S.-Iran tensions in the Strait of Hormuz, raising inflation concerns and complicating the Federal Reserve’s rate decision. A strong August jobs report, with 162,000 new payrolls and 4.1% unemployment, pushed markets toward a hawkish view. Futures now price roughly a 57% chance of a quarter-point rate hike at the Fed’s September meeting, which would pressure risk assets like crypto. Technically, Bitcoin remains above its key support zone around $73,986–$75,569, with RSI still bullish at 60.4 and ADX showing a strong trend. However, the 50-day EMA remains below the 200-day EMA, so the longer-term trend is not fully confirmed. Traders still lean bullish, but the next Fed move may determine whether momentum resumes.
