Bitcoin Price Plunges Below $78K Amid Rising Oil Prices and Fed Rate Concerns

Bitcoin's price dropped below $78,000 on September 1, down by 1.6% after reaching an intraday high of $79,225.

The decline was driven by rising oil prices and higher US bond yields, which increased concerns over potential Federal Reserve rate hikes.

Despite strong inflows of $216.7 million into US spot Bitcoin ETFs, short-term technical indicators show weakening momentum, with Bitcoin testing key support around $76,500, $77,000.

The next price move depends on whether buyers can defend this support amid ongoing macroeconomic pressures.