Bitcoin hovers near $77,000 as oil surge, geopolitical risks pressure crypto; can it reclaim $78,000?

Investors should remain measured and avoid excessive leverage. Staggered accumulation is preferable.

• Bitcoin declined to $76,391, then recovered to $77,240.
• Geopolitical tensions, oil prices weigh on Bitcoin.
• US spot Bitcoin ETFs saw $215M net inflows in 7 days.

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Bitcoin declined to the low $76,391 in the early trade on September 3, but later recovered some of those losses to trade just above $77,240 (11:02 IST), representing a 0.55 percent decline over the past 24 hours, and 1.81 percent for the week.

The main catalysts were the renewed geopolitical tensions, rising oil prices and expectations of tighter monetary policy weigh on broader market sentiment.

"The main macro driver remains US-Iran tensions. Brent crude near $95 and the 10-year Treasury yield near 4.8% are raising inflation concerns and limiting expectations for aggressive Fed easing," Riya Sehgal Research Analyst at Delta Exchange, said.

According to Prateek Gupta, Head of Business of Mudrex, a move above $78,000 would improve momentum, while $76,400 remains the key support.

Nischal Shetty, Founder of WazirX, noted that the US employment increased by only 38,000 jobs in August, weakening immediate Federal Reserve rate-hike expectations and helping Treasury yields ease from multiyear highs. "Lower yields and reduced dollar pressure can improve liquidity for Bitcoin and Ethereum. Overall, softer US hiring supports crypto liquidity, while expensive energy keeps broader risk participation selective globally."