Bitcoin Holds Near $78,000 as Rising Oil, Treasury Yields Cap Further Gains

Bitcoin steadied near $78,000 after surging 24% in August, with higher oil prices and rising U.S. Treasury yields limiting further gains.

CoinDesk reported on September 1 that Bitcoin traded just above $78,400 during Asian hours. It moved between $77,200 and $79,200 over the past 24 hours, showing limited volatility. Bitcoin rose 24% in August, its strongest monthly gain since November 2024.

Major altcoins were mostly weaker. Ether traded slightly above $2,440, while Solana slipped about 1% to near $104. XRP changed hands below $1.40, and BNB traded around $693. Hyperliquid's HYPE token was the outlier, rising about 4% to near $84.

Higher oil prices and bond yields are weighing on the digital-asset market. Brent crude rose about 1% to near $91 a barrel after U.S. military action near the Strait of Hormuz. The yield on the U.S. 10-year Treasury climbed to 4.78%, adding pressure on appetite for risk assets.

Expectations for a September rate increase strengthened sharply after Federal Reserve Chair Kevin Warsh's speech at Jackson Hole. Markets are pricing in about a 64% chance of a rate hike at the Fed's September 16 meeting, up from about 36% before the speech. The U.S. August employment report due on September 4 is a key variable ahead of the September Federal Open Market Committee meeting.

Spot-driven demand is still supporting Bitcoin, according to some market participants. Yusuf Park, a partner at ARP Digital, said holding near $78,000 after a 23% rally matters more than the advance itself. Perpetual futures open interest has fallen to its lowest level since May, while U.S. spot Bitcoin exchange-traded funds posted their strongest weekly demand since October 2025.

ETF inflow momentum has weakened, however. Wintermute said U.S. spot Bitcoin ETFs drew a combined $924 million over nine straight trading days, but that run ended with $202 million of outflows on August 28. Bitcoin has also repeatedly tried to break above $82,000, only to meet resistance each time.

Jasper De Maere, an over-the-counter trader at Wintermute, said the market remains tense but lacks a clear short-term direction. Traders are watching whether a stronger-than-expected August jobs report will push Treasury yields higher and send Bitcoin back to test its recent low near $77,200.