<span class="acf-media-credit"><span class="acf-credit"><span class="acf-credit"><a href="theblock.co" target="_blank">The Block</a></span></span><span class="acf-credit"> | <span class="acf-credit"><a href="https://unsplash.com/photos/a-black-and-white-photo-of-two-round-objects-byI7SLkkEEA" target="_blank">Marco Damm</a></span></span></span>Bitcoin traded around $78,000 on Tuesday, holding on to most of its August gains despite a jump in oil prices and rising expectations that the Federal Reserve could hike interest rates this month.
Bitcoin gained roughly 25% in August, marking its best August since 2017 and strongest month overall since November 2024, according to LMAX Group Market Strategist Joel Kruger. Since then, renewed escalation between the U.S. and Iran has pushed Brent crude above $90, while Fed Chair Kevin Warsh's Jackson Hole remarks have raised expectations for a September rate hike.
"The resilience is notable given the increasingly difficult cross-asset backdrop, with higher bond yields, a firmer dollar, and renewed geopolitical stress all creating headwinds for risk assets," Kruger told The Block. He argued that the combination of higher oil prices and Warsh's hawkish message is limiting bitcoin's immediate upside, though buyers have continued to step in on dips.
