Bitcoin fell below $80,000 into Tuesday’s Wall Street open as both cryptocurrency and gold retreated while US equities posted gains. TradingView data showed BTC/USD sliding as low as $78,111 on Bitstamp after previously hitting 14-week highs of $81,265. The $80,000 level, identified by traders as a zone of strong sell pressure, proved difficult for the cryptocurrency to flip into support.
Gold mirrored Bitcoin's downside movement, dropping to local lows of $4,605 per ounce—a decrease of nearly 2% on the day—following multimonth highs of $4,697 per ounce. Meanwhile, US stocks moved inversely to crypto and gold, with the S&P 500 and Nasdaq Composite Index posting modest daily gains of 0.2% and 0.5%, respectively. This market strength persisted despite a brewing trade-tariff dispute between the US and Canada after negotiations broke down, during which US President Donald Trump criticized Canada in social media posts.
US government bond yields continued to cool, with 30-year yields dropping below 5.2% to approach their lowest levels since August 7. Last week's crypto surge had coincided with yields reaching highs not seen since January 2007, alongside US Treasury announcements regarding larger debt buyback operations.
Trading resource The Kobeissi Letter noted that interest-rate cuts remain off the table in the current inflation environment, leaving direct bond-market intervention as a short-run solution to lower yields. Market consensus points to an ongoing rate-hike freeze at the Federal Reserve’s September meeting, with CME Group’s FedWatch Tool showing a 61.9% probability for this outcome.
Attention is shifting toward upcoming macro catalysts, including the July Personal Consumption Expenditures (PCE) index print—the Fed's preferred inflation gauge—and earnings reports from Nvidia, both scheduled for release on Wednesday.
