Bitcoin slips to $77,100 as US-Iran tensions and rising yields pressure market

Geopolitical risks and rising yields impact sentiment

Tensions between the United States and Iran escalated after a series of military strikes overnight, raising the risk of further instability in the Gulf. US President Donald Trump warned of possible further attacks on Iran’s oil infrastructure, while Tehran threatened to retaliate against American military bases in the region. Neither side signaled a willingness to back down.

Oil prices rose in response, fueling concerns over energy-driven inflation. Government bond yields in major economies, including the United States, Japan, Australia, and markets across Europe, climbed higher. This environment typically reduces investor demand for more volatile assets such as Bitcoin.

Market participants increased their expectations of a Federal Reserve interest rate hike in September as inflation metrics remained elevated above the central bank’s 2% target. The upcoming release of US nonfarm payrolls data is expected to provide further guidance on the Fed’s policy path.

Large holders and whales accumulate on price dip

Despite the pullback, several key Bitcoin investors continued to add to their holdings. Market analyst Ali Charts reported that Bitcoin dropped 5.82% from a peak of $81,474 on August 28 to $76,732, but wallets associated with large institutional buyers and whales acquired approximately 6,765 BTC—valued at around $521 million—during the same period.

Ali Charts highlighted that Bitcoin’s decline from a local high to $76,732 prompted large holders to accumulate 6,765 BTC worth about $521 million, even as the price retreated.

Technical indicators revealed signs of potential further weakness. Analyst CryptosBatman pointed to the MACD indicator, which moved into a bearish phase after Bitcoin failed to break above the $81,000 resistance. He noted a major trendline rejecting the recent rally, raising the possibility of another significant correction if current patterns continue.

MicroStrategy, known as the largest corporate holder of Bitcoin, completed its first BTC purchase in two months, providing minor support to prices.

MicroStrategy is a US-based business intelligence company recognized for holding the largest corporate Bitcoin treasury since 2020.

Mini dictionary: MACD, or Moving Average Convergence Divergence, is a popular momentum indicator in technical analysis that signals trend changes and possible reversals by measuring the relationship between two moving averages of a security’s price.

Key trading levels and upcoming options expiry

According to blockchain analytics firm Glassnode, Bitcoin is currently consolidating between two major price zones. Accumulation support has formed between $62,000 and $65,000, a range heavily bought during the summer. On the upside, resistance is growing in the $83,000 to $86,000 zone, where many long-term holders have concentrated their supply.

Glassnode researchers identified that 1.44 million BTC sit in the $62,000–$65,000 range as support, while 1.05 million BTC are held by long-term holders creating a supply wall at $83,000–$86,000.

The proportion of profitable Bitcoin wallets increased from 65% in May to 68% in late August, making profit-taking at higher levels a risk for further rallies. In derivatives markets, the 25-delta skew metric returned to neutral after Bitcoin’s failure to hold above $80,000, while the 180-day skew has shown little change, indicating steady longer-term sentiment.

A significant options expiry event is scheduled for September 25, with $14 billion in contracts set to close. Most of these contracts have strike prices above $80,000, pushing the market to watch these levels carefully in the coming weeks.