Bitcoin Stabilizes Above $77,000 as Oil Prices Impact

Bitcoin stabilized above $77,000 over the weekend following a pullback in oil prices. Brent crude closed at $104.61 after rising to $109.97 on Friday. West Texas Intermediate crude finished at $100.05. Brent crude saw an increase of over 8% on a weekly basis. Bitcoin closed at $77,200, rising approximately 0.9% in response to this pullback. It peaked at $77,300 on Saturday. However, it is assessed that the pressure in the energy market continues and the relief in crypto assets may remain limited. In the U.S., consumer inflation for August was reported at 0.4% month-on-month and 3.4% year-on-year. This data raised expectations for an interest rate hike at the Federal Reserve meeting to between 85% and 90%. U.S. stock markets also rebounded; the S&P 500 rose by 0.86%, the Nasdaq by 0.96%, and the Dow Jones by 0.98%. However, despite Bitcoin recovering from the level of $76,100, it continues to remain below $80,000. The International Energy Agency expects a daily decrease of approximately 5.7 million barrels in global oil supply by 2026.

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