Bitcoin's Price Stability at $77,000 Amid Geopolitical Tensions

Bitcoin's price hovered near $77,000 on September 3, as oil prices surged and geopolitical tensions weighed on the market. The cryptocurrency declined to a low of $76,391 in early trade before recovering to just above $77,240, representing a 0.55% decline over the past 24 hours and 1.81% for the week.

Riya Sehgal, Research Analyst at Delta Exchange, attributed the main macro driver as US-Iran tensions, while Brent crude neared $95 and the 10-year Treasury yield approached 4.8%. This has raised inflation concerns and limited expectations for aggressive Fed easing.

Nischal Shetty, Founder of WazirX, noted that a move above $78,000 would improve momentum, while $76,400 remains the key support. US spot Bitcoin ETFs recorded roughly $215 million in net inflows over the past seven days, despite a sharp $241 million daily outflow.

CoinDCX reported Arbitrum and Lighter as the top gainers for the day, with over 13% and 10% jumps, respectively. Meanwhile, Sky plunged over 5.6%, followed by Ethena and Morpho by 6.9% and 5.5%. The crypto fear and greed index stands at 63.