Oil Price Surge Triggers Market Turmoil and Tests Bitcoin Support

The recent surge in Brent crude oil prices has triggered turmoil in the bond market and put pressure on Bitcoin's support level at $76,000.

Brent crude broke above $105 per barrel, while U.S. Treasury yields rose to a 19-year high of 5.35% for the 30-year note.

The increased energy costs are expected to push up wholesale prices and core inflation levels in September, prompting traders to price in a 76% probability of a Federal Reserve rate hike next week.

Economists expect the Consumer Price Index (CPI) data for August to rise by 0.4%, which would reinforce expectations of a rate hike and further suppress Bitcoin prices if it exceeds expectations.