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Source: Newsmaker.id
Bitcoin weakened again during Tuesday's trading session, extending its correction after failing to sustain a rally above $82,000 last week. According to the latest data from Investing.com, Bitcoin traded around $78,802—down approximately 1.16%—after fluctuating between $78,738 and $79,475. This decline kept the world's largest cryptocurrency below the psychological $80,000 level.
Primary pressure stems from expectations regarding US monetary policy. August Non-Farm Payrolls data, showing an addition of 162,000 jobs, caused the market to reassess the likelihood of a Federal Reserve interest rate hike this month. Market participants estimate the probability of a rate hike at 58%–60%, while the 10-year US Treasury yield remains elevated. High interest rates tend to diminish the appeal of Bitcoin and speculative assets, as investors have access to alternative assets offering more attractive yields.
Rising oil prices have further dampened sentiment toward risk assets. Brent crude surged to around $99 per barrel on Tuesday as escalating conflict in the Middle East once again threatened energy supplies. Rising energy costs could prolong inflationary pressures, reinforcing the case for the Fed to maintain a tight monetary policy stance.
Altcoin movements were mixed but leaned toward the downside. Ethereum hovered around $2,496 (down ~0.3%), while XRP weakened by about 0.8% to $1.395. Solana fell approximately 1.5% to $104.24. Cardano traded around $0.22, BNB hovered near $746, and Dogecoin traded around $0.09.
Despite the correction in Bitcoin's price, institutional demand continues to act as a buffer against further declines. US spot Bitcoin ETFs recently recorded approximately US$1 billion in net inflows over three trading sessions, indicating that institutional investors have not fully abandoned the market despite a shift back to hawkish interest rate expectations.
Investor focus has now turned to the US Producer Price Index (PPI) data on Thursday (Sept. 10) and the Consumer Price Index (CPI) on Friday (Sept. 11), ahead of the Federal Reserve's decision on September 15–16. Higher-than-expected inflation could strengthen the likelihood of rate hikes and increase pressure on Bitcoin, whereas softer figures could potentially revive expectations for a more dovish policy stance.
Newsmaker Analysis: Bitcoin continues to exhibit a sideways-to-bearish bias as long as it fails to break back above US$80,000. The US$78,000 level serves as the immediate psychological support, while the US$80,000–US$82,000 range acts as a critical resistance zone. A combination of high yields, surging oil prices, and rising expectations for Fed rate hikes remains a primary headwind. However, ETF inflows could limit deeper corrections if institutional demand holds firm. (arl)
Source: Newsmaker.id