Bitcoin Tests $78,000 Support Amid Geopolitical and Macroeconomic Headwinds
Bitcoin pulled back toward $78,000 alongside broader market declines as traders weighed macroeconomic data and geopolitical risks.
Bitcoin retreated toward $78,000 on Thursday, pulling major altcoins lower as Ethereum dipped toward $2,470 and XRP fell to roughly $1.37. Despite the pullback, sentiment remained in positive territory, with the Crypto Fear & Greed Index rising from 66 to 70.
Over the past two weeks, BTC has consolidated in a relatively tight range, repeatedly defending support around $77,000 while testing the upper boundary of its trading channel.
Market caution has been reinforced by geopolitical developments in the Middle East, where Houthi strikes on Saudi energy infrastructure and Red Sea shipping lifted oil prices. Traders are also monitoring upcoming US CPI inflation data, the Federal Reserve's policy decision, and a scheduled September 15 Senate cloture vote on the CLARITY Act.
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