Bitcoin Consolidates Around $78,300 Amid Geopolitical Tensions
Bitcoin's price surged to $79,218 in early trade on September 1 but later trimmed its gains to settle at $78,775. This represents a 1.66% increase over the past 24 hours, although it is down 1.90% for the week.
The crypto markets are currently in a consolidation phase, with traders assessing renewed macroeconomic and geopolitical risks. Oil prices and Treasury yields have risen amid tensions, making digital assets vulnerable to these risks.
Riya Sehgal, Research Analyst at Delta Exchange, noted that 'With oil prices and Treasury yields rising amid geopolitical tensions, macro conditions remain a key risk for digital assets.'
Analysts believe that breaking above the $79,000 to $79,500 zone could revive momentum towards $80,000 and beyond. However, if Bitcoin drops below $77,500, it may expose the $76,000-$76,250 area.