Bitcoin Recovers to $77,000 Range Amid Crude Oil Price Pullback

Bitcoin rebounded to the $77,000 range on September 17 after pulling back from its peak of $82,000. The cryptocurrency weathered a series of negative catalysts, including the Federal Open Market Committee's (FOMC) rate hike decision and the rejection of a procedural vote to advance crypto asset regulation legislation.

Despite these challenges, Bitcoin was supported by a pullback in crude oil prices and U.S. long-term yields. The price of crude oil had climbed to $107 after Houthi attacks damaged a pipeline and Saudi Arabia halted loadings from the Red Sea port of Yanbu, but it declined as Energy Secretary Wright stated that the pipeline would be restored within days.

U.S. long-term yields also fell in line with theory, declining after an initial rate hike driven by fact-based buying and reduced future inflation concerns.