Bitcoin price August rally holds near $78,000 despite oil, Fed pressure
Bitcoin’s August rally refused to fully unwind this week, even as oil prices spiked and traders bet on a Federal Reserve rate hike. The token traded around $78,000 on Tuesday, holding on to most of the roughly 25% gain it posted in August, according to LMAX Group Market Strategist Joel Kruger. The Bitcoin price August rally has become one of the more closely watched moves in crypto markets this year precisely because it’s happening against a backdrop that would normally spook risk assets.
Key takeaways
- Bitcoin traded near $78,000 on Tuesday after gaining roughly 25% in August, its best August since 2017 and strongest month since November 2024.
- Brent crude has climbed above $90 as U.S.-Iran tensions escalate, adding pressure to risk assets broadly.
- Fed Chair Kevin Warsh‘s Jackson Hole remarks have raised expectations for a September rate hike.
- Spot bitcoin ETFs pulled in $924 million over nine straight positive sessions before a $202 million outflow on Friday.
- Traders are watching $75,000 support and $82,000 resistance ahead of the Fed’s mid-September meeting, with Friday’s nonfarm payrolls report as the next major catalyst.
Bitcoin’s Best August Since 2017
Bitcoin just closed out its strongest August in nearly a decade, and the token is fighting to keep those gains intact. According to Kruger, the roughly 25% climb marks Bitcoin’s best August since 2017 and its strongest month overall since November 2024 — a stretch that has reshaped how traders are positioning heading into the fall.
… Continue reading the full article at the original source below.
