Bitcoin
Bitcoin Stalls Near $78,500 as Oil Rally and Jobs Data Revive Rate Concerns
Macroeconomic pressures and rising energy prices have weighed on Bitcoin and equities as investors monitor interest rate expectations ahead of upcoming inflation data.
Bitcoin traded around $78,524 on Tuesday, down 0.72% on the day following a recent 20% advance. The pullback aligned with modest declines across traditional equities, where the S&P 500 slipped 0.37% to 7,689.80. Market sentiment was dampened by rising oil prices, which approached $100 per barrel amid military tensions between the United States and Iran in the Strait of Hormuz.
Macroeconomic data has added to uncertainty surrounding Federal Reserve policy. August employment figures revealed that employers added 162,000 jobs, substantially exceeding the forecast of 53,000. Following the release, the CME FedWatch tool indicated that expectations for a September rate increase rose to approximately 57% to 59%.
Despite the macro headwinds and the approaching September 16 rate decision, derivative indicators showed some resilience. On prediction platform Myriad, market participants assigned a 78.4% probability that Bitcoin reaches $84,000 before dropping to $55,000, a reading largely unchanged over the prior week.
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