Crypto Markets Face Pressure Amid Rising Oil Prices, Bond Yields
Bitcoin's price slipped below $77,000 on Wednesday after a strong rally in August as rising oil prices and bond yields added strain to crypto markets. The cryptocurrency was trading at $76,682, down 1.58% in the past 24 hours.
Ethereum also followed suit, dropping 3.08% to trade at $2,369, while major altcoins like BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano fell up to 3.25%. The global crypto market capitalisation edged down 0.95% to $2.59 trillion.
Experts warn that September is historically one of Bitcoin's weakest months, making some consolidation and higher volatility expected. Avinash Shekhar, Co-Founder & CEO, Pi42 advises investors to avoid chasing sharp intraday moves and instead look for confirmation around key support and resistance levels.