Bitcoin Tumbles Amid Rising Oil Prices and Sliding US Bonds

Bitcoin's price dipped slightly to $78,255.1 on Wednesday, down 0.3% in a topsy-turvy session.

The move comes as U.S. bonds slid and Brent topped $100 a barrel for the first time since May 26, putting pressure on risk sentiment.

Analyst Iliya Kalchev at Nexo Dispatch noted that open interest has ticked back up even as price drifts lower and spot selling continues, which could signal fresh short positioning ahead of Friday's CPI report.

The Federal Reserve is likely to make a decision on its September move based on the upcoming inflation data, with hotter-than-anticipated readings potentially tipping odds towards a rate hike.