Bitcoin Hits Critical Support as Oil Prices Surge Above $100

A surge in oil prices pushed Bitcoin below $77,000 on Sept. 10, testing its critical support cluster at around $76,000.

The oil price rise coincided with a global bond selloff and inflation data that captured little of the recent advance in energy costs, leaving traders to price an energy shock before it fully appears in official data.

Joseph Brusuelas, principal and chief economist at RSM US LLP, said the producer price sampling period ended Aug. 11, before the latest surge in crude, gasoline and diesel prices.

The combination of inflation and energy prices strengthens the case for a Fed increase at its Sept. 15-16 meeting, with Friday's consumer-price report likely to shape the final decision, Brusuelas said.