Bitcoin Pulls Back to $78K Amid Rotation and Rising Oil Prices

Crypto equities pulled back in early trading on Monday, following Bitcoin's rejection of the $82K level.

Bitcoin traded at around $78,700, down nearly 1% from the last 24 hours. Its dominance rate fell for a fifth straight day, to 59.35%, according to TradingView data.

The decline in dominance suggests capital has been rotating into other cryptocurrencies following Bitcoin's August rally. Several altcoins have posted sharp gains during this rotation, including Dash and Zcash, which showed double-digit gains over the past week.

Oil prices climbed 9.5% this month, adding to inflation concerns and shifting expectations for the Federal Reserve's September policy meeting.