Bitcoin Slides to $76,000 Range as Oil Spike and Rate-Hike Bets Weigh; CPI Emerges as Key Inflection Point

Cryptocurrency markets traded lower on the 11th, with Bitcoin (BTC) slipping to the mid-$76,000 range (approximately ¥12 million). The risk-off tone was driven by surging oil prices amid escalating Middle East tensions and rising U.S. long-term interest rates. Market attention is now squarely focused on tonight's U.S. Consumer Price Index (CPI) release, which could significantly shift expectations for a rate hike at the September Federal Open Market Committee (FOMC) meeting.

Oil Rally and Rising Yields Weigh on Bitcoin

Bitcoin was capped at $82,000 (approximately ¥13 million)—its May recovery high—last Friday before losing momentum following stronger-than-expected jobs data. Over the weekend, Iran's Revolutionary Guard Corps (IRGC) attacked U.S. naval vessels, prompting U.S. forces to strike three Iranian tankers in retaliation. As oil prices climbed at the start of the week, BTC gradually drifted lower within its range.

BTC bounced back to the $77,000 (approximately ¥12 million) level on Tuesday and showed strength near $79,000 (approximately ¥12 million) on Wednesday, but Houthi attacks on Saudi Arabia, the ongoing exchange of strikes between the U.S. and Iran, and two consecutive business days of outflows from exchange-traded funds (ETFs) capped the upside.