Bitcoin Falls Below $78,300 as Oil Rises Before U.S. Inflation Data

  • Bitcoin fell below $78,300 after another rejection near the $80,000 level.
  • Bitcoin’s market capitalization declined to $1.570 trillion, while QCP Capital placed support at $77,000-$78,000 and resistance at $80,000-$82,000.
  • Stronger U.S. employment data, rising oil prices and geopolitical tensions lifted inflation and rate concerns ahead of PPI and CPI reports.

Bitcoin fell below $78,300 after sellers rejected another move near $80,000, extending a volatile week in which the cryptocurrency rallied to almost $82,500 before reversing. Its market capitalization declined to $1.570 trillion and CoinMarketCap dominance fell to 58.8%, while QCP Capital identified $80,000-$82,000 as near-term resistance and $77,000-$78,000 as important support. U.S. equity futures also declined as markets reopened after the extended Labor Day weekend. Brent crude approached $99 a barrel, with one reading showing a 1.4% gain to roughly $97.50 and another showing a 2.25% rise to $99.18, its highest level since July 24. Strong August employment data, rising Treasury yields, Middle East tensions and threats to Persian Gulf shipping revived concerns about inflation and Federal Reserve policy ahead of Thursday’s PPI and Friday’s CPI reports. Investors were also watching Oracle’s quarterly results, the ADP employment report and a three-year Treasury note auction.

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