2nd September 2026 – (New York) Bitcoin is holding its ground despite a burst of macro headwinds that has unsettled traditional assets, with the key risk now coming from a potentially stronger US dollar. West Texas Intermediate futures have moved above $90 and are up nearly 9 per cent for the week, according to TradingView, a jump that points to stickier inflation and less space for the Federal Reserve to cut interest rates. Government bond yields have risen in tandem on fiscal worries, with the US 10‑year note up 10 basis points to 4.81 per cent, its highest level since 2023, tightening financial conditions and dampening risk appetite.
Equities have wobbled in response. The S&P 500 fell for a third straight session on Monday to a four‑week low, while Asian stocks weakened as higher oil prices posed fresh challenges for energy‑importing economies. Gold has sold off hard, sliding from about $4,700 an ounce to near $4,300 in under a week.
Against that backdrop, Bitcoin’s follow‑through after Friday’s 3 per cent dip to just under $77,000 has been limited, with prices chopping between roughly $76,000 and $80,000. Supporters argue that if rising yields are driven more by fiscal strain than by accelerating growth, demand can rotate toward hard assets outside the fiat system. That narrative, however, is complicated by gold’s sharp decline, suggesting the cleaner takeaway is simply that Bitcoin is outperforming adjacent assets for now.
The next test may come from the Dollar Index, which is attempting to extend last week’s near 1 per cent gain to around 99.67 and is hovering near a bullish trendline traced back to the 2011 lows. A rebound from that support could attract fresh dollar buying and typically acts as a headwind for Bitcoin, given their historical inverse relationship. A decisive break below the trendline would remove one of the few remaining macro drags. Because such diagonals are widely watched, they can become self‑fulfilling as traders cluster entries, exits and stops around the same levels, reinforcing the move whichever way it breaks.