Bitcoin holds near $78,000 as U.S.–Iran clash lifts oil

Bitcoin traded around $77,900 on August 31 despite renewed fighting between the United States and Iran that pushed oil prices above $90 per barrel and pressured global equity markets.

Geopolitical tension lifts oil, markets wobble

U.S. strikes on Iran’s Larak Island targeted two rocket launchers, prompting concerns over shipping in the Strait of Hormuz. Brent crude rose about 2.7% to $90.51 per barrel and West Texas Intermediate hovered near $85.23. The energy surge weighed on Asian equities and Nasdaq 100 futures, which fell between 0.5% and 0.7% in early trading.

Bitcoin’s relative stability

Bitcoin stayed close to $78,000, down roughly 0.4% over 24 hours and moving between $77,162 and $79,343. The daily chart showed BTC above the Bollinger Bands’ midpoint ($72,471) but below the upper band ($86,255). RSI was 69.91, just under overbought territory, and daily volume was about 4,200 BTC.

August performance versus other assets

Bitcoin gained approximately 23% in August, outpacing gold’s reported 9% rise and the Nasdaq’s 4% gain, making it the strongest performer among the three.

Crypto market breadth

Other major tokens slipped: XRP fell about 0.8%, Solana about 0.6%, while Ether traded near $1,625.

ETF flows and institutional demand

U.S. spot Bitcoin ETFs accumulated roughly $2.8 billion over eight consecutive inflow sessions earlier in the month, but recorded an estimated $201.9 million net outflow on August 28.

Fed policy backdrop

Federal Reserve Chair Kevin Warsh’s hawkish remarks at the Jackson Hole symposium increased market expectations for a September rate hike, with Fed‑funds futures pricing a 57‑60% probability.

Upcoming catalysts

The August employment report due on September 4 will be a key test for Bitcoin’s outlook, as stronger data could reinforce expectations for tighter monetary policy.