Bitcoin Surges Past $80,500 as Geopolitical Tensions and Oil Prices Bite

Bitcoin price surged past $80,500 in early trade on September 7 but later trimmed gains to around $79,777. This represents a 0.22 percent decline over the past 24 hours and a 2.81 percent increase for the week.

The rise was attributed to renewed geopolitical tensions, rising oil prices, bond yields, and stronger US jobs data. These factors pushed markets to reassess interest rates, making risk assets less attractive and reducing expectations of easier liquidity.

Nischal Shetty, Founder of WazirX, noted that higher yields can put pressure on crypto in the near term. He estimated that if BTC breaks above $82,300 on healthy volume, the next zone to watch is $84,000-$85,000. A sustained move below $77,500 could trigger a deeper retracement.