Bitcoin Slides Amid Oil Price Spike and Rate-Hike Bets

Bitcoin's price has been sliding to the mid-$76,000 range due to surging oil prices and rising U.S. long-term interest rates. The risk-off tone in cryptocurrency markets was driven by escalating Middle East tensions and higher oil prices.

The U.S. Consumer Price Index (CPI) release tonight will be a critical indicator for gauging the September Federal Open Market Committee (FOMC) outcome. A hotter print would cement expectations for a rate hike, while a softer reading could spark a sharp rebound in Bitcoin's price.

Investor sentiment remains resilient, with the Crypto Fear & Greed Index at 70, maintaining greed territory. However, technical indicators suggest fading upside strength and widening negative momentum.