Bitcoin Struggles to Recover as Oil Prices Surge and Interest Rates Remain High

The Bitcoin price is attempting to recover after dipping below $78,000 yesterday. As of this morning, it has surpassed $79,000 and remains relatively stable over the past 24 hours with a minor increase of less than 2% for the week.

However, the cryptocurrency's recovery is taking place in a challenging macroeconomic environment. The Brent crude oil price has surged above $100 per barrel for the first time since July, while the WTI has surpassed $94 due to escalating tensions in the Middle East and energy infrastructure attacks in the region.

This development has reignited concerns about inflation and maintained high interest rates on US Treasury notes. Investors are pricing in a 60% chance of another rate hike by the Federal Reserve at its upcoming meeting on September 15-16, according to the CME FedWatch tool.