Oil Price Surge Hits Global Markets as Bitcoin Stays Steady

The global financial markets are experiencing a mixed reaction to rising oil prices and a strong August jobs report. Bitcoin's price held steady at around $78,524, down 0.72% on Tuesday, while the S&P 500 closed at 7,689.80, off 0.37%. The Dow Jones Industrial Average fell by 614.88 points to 52,799.37.

The rising oil prices have led to increased inflation concerns and made it more difficult for the Federal Reserve to decide on interest rates. As a result, markets are now pricing around a 57% chance of a quarter-point rate hike at the Fed's September 15-16 meeting, which would be bearish for risk assets like crypto.

Despite this, traders on Myriad still believe in Bitcoin's potential, with a 78.4% chance that it hits $84,000 before falling to $55,000. The Relative Strength Index (RSI) and Average Directional Index (ADX) readings suggest a strong trend in favor of buyers.