Bitcoin traded at $78,524 on Tuesday, marking a 0.72% decline. The S&P 500 closed at 7,689.80, down 0.37%, while the Dow Jones Industrial Average fell 1.15% to 52,799.37. The Nasdaq Composite slipped 0.19% to 26,457.73.
Market volatility follows rising oil prices, which approached $100 per barrel due to U.S.-Iran hostilities in the Strait of Hormuz. Energy costs impact inflation, complicating the Federal Reserve's interest rate policy. Traders currently estimate a 57% probability of a rate hike at the September 15-16 meeting.
The August jobs report showed 162,000 new positions, significantly exceeding the forecast of 53,000. The unemployment rate remained at 4.1%. Strong labor market data has increased expectations for a hawkish stance from the Federal Reserve regarding interest rates.
Bitcoin's technical indicators show an RSI of 60.4 and an ADX of 47.2. The asset remains above the golden zone of $73,986 to $75,569. On the Myriad prediction market, traders assign a 78.4% probability that Bitcoin will reach $84,000 before dropping to $55,000.
