Bitcoin Surges Past $79K as Oil Prices Drop Amid Iran Deal Optimism
Bitcoin's price surged past $79,000 on Monday as oil prices dropped following US President Donald Trump's comments about potential progress toward an Iran deal.
The bounce came after Trump linked his remarks to a possible easing of tensions, which helped drag down oil prices. At the same time, markets were still focused on the Federal Reserve's interest-rate decision on Wednesday, with policy pricing reflecting renewed confidence that rates will move higher.
CME Group's FedWatch Tool showed a 25-basis-point hike probability rising to 92.7% for the Sept. 16 FOMC meeting, up from 59.4% a week earlier. QCP Capital warned that sustained high energy prices could create 'policy tension' for the Fed, keeping rates restrictive while also worsening growth/inflation trade-offs.
Bitcoin's technical picture remained in focus, with traders tracking its reclaim of the 50-week exponential moving average (EMA) around $77,430. The EMA is often treated as a trend filter for longer-term momentum, and regaining the level can reduce the immediate risk that BTC remains trapped in a bearish or corrective phase.