Bitcoin slipped below the $80,000 level on Monday, down approximately 1% despite gains exceeding 20% over the past month. The cryptocurrency has struggled to maintain the $82,000 level in recent weeks and now trades below its 50-week moving average of $81,000, a threshold it lost in May.
The decline comes as Bitcoin consolidates following a sharp rally in late August. The digital asset is now trading within a compression zone after the recent run-up.
Oil Markets Rally on Geopolitical Tensions
While cryptocurrency markets cooled, crude oil futures climbed sharply following weekend military exchanges between the U.S. and Iran. Brent crude futures rose 1.5% to $97.73 a barrel on Monday, briefly reaching $97.93—their highest level since July 23. West Texas Intermediate, the U.S. benchmark, gained 1.8% to $93.10, also marking its highest point since late July.
European Equities Trade Flat
European stock markets showed minimal movement. The Stoxx Europe 600 closed essentially flat at 649.90, up just 0.02 points. France's CAC 40 led regional gains with a 0.33% increase to 8,306.15, while Italy's FTSE MIB rose 0.25% to 52,229.57. Germany's DAX declined 0.15% to 26,006.53, and Spain's IBEX 35 dropped 0.14% to 20,021.80. Britain's FTSE 100 slipped 0.08% to 10,822.13.
Asian Markets Show Stronger Performance
Asian equities outperformed their European counterparts. South Korea's Kospi index led with a 4.61% gain, while Japan's Nikkei 225 rallied 2.12%. China's CSI 300 increased 0.59%, and Australia's S&P/ASX 200 also finished slightly higher.
