Bitcoin Holds Firm at $78K Amid US-Iran Conflict and Rising Oil Prices

Bitcoin held firm at around $78,000 on August 31 despite renewed fighting between the United States and Iran that sent oil prices soaring and pressured global equity markets.

The US-Iran conflict raised concerns about supply disruptions in the Strait of Hormuz, a key shipping route for global oil and liquefied natural gas. As a result, Brent crude climbed above $90 per barrel, while Asian equities declined and gold fell around 0.8% to $4,418 per ounce.

Bitcoin's stability in the face of geopolitical tensions shows that it has not permanently become a geopolitical hedge, but its short-term strength is supported by technical indicators such as the daily chart and Bollinger Bands. However, the cryptocurrency remains vulnerable to consolidation due to high volatility and strong momentum.