Bitcoin Defies Expectations as Oil Prices Rise
Bitcoin (BTC) has defied expectations by maintaining its value despite rising oil prices and increased bets on a Federal Reserve interest rate hike. In August, Bitcoin gained around 25% of its value, marking its best month since 2017 and the strongest overall since November 2024, according to LMAX Group Market Strategist Joel Kruger.
Kruger notes that the resilience of Bitcoin is notable given the challenging cross-asset backdrop, with higher bond yields, a firmer dollar, and renewed geopolitical stress limiting risk assets. Despite this, buyers have continued to step in on dips, keeping the price steady.
Jasper De Maere, an OTC trader at crypto market maker Wintermute, also sees Bitcoin's recent price action as constructive. He believes that under-allocated investors are providing price support, with key levels around $75k and $82k.