Bitcoin (BTC) fell below $80,000 into Tuesday’s Wall Street open as crypto and gold gave way to gains in US equities.

Key points:

• Bitcoin upside momentum fizzled as $80,000 remained difficult to flip into support.
• Gold also weakened after reaching multimonth highs of $4,697 per ounce, while US 30-year bond yields moved toward three-week lows.
• Attention is now shifting from bonds to US inflation data and Nvidia earnings due Wednesday.

Bitcoin price struggles to cement an $80,000 reclaim

Data from TradingView showed BTC/USD dropping as low as $78,111 on Bitstamp after reaching new 14-week highs of $81,265.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The $80,000 zone, which traders had previously identified as an area of strong sell pressure, proved difficult to reclaim as US trading hours appeared to add downside pressure to both Bitcoin and gold. XAU/USD touched local lows of $4,605 per ounce, down nearly 2% on the day.

XAU/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks moved inversely to gold and crypto last week, coming under pressure as both rallied. That divergence continued this week, with the S&P 500 and Nasdaq Composite Index posting modest daily gains of 0.2% and 0.5%, respectively.

Nasdaq Composite Index one-day chart. Source: Cointelegraph/TradingView

The relative strength appeared to largely shrug off a developing trade-tariff dispute between the US and Canada after negotiations recently broke down. In his latest posts on Truth Social, US President Donald Trump accused Canada of “ripping off” the US.

“Over the last 10 years, the United States lost, on average, 60 Billion Dollars a year with Canada. No more!” he pledged.

US government bond yields continued to cool on the day, with 30-year yields falling below 5.2% and nearing their lowest levels since Aug. 7. Last week’s crypto surge came as yields reached levels not seen since January 2007 and the US Treasury announced larger debt buyback operations to curb the rise.

US 30-year bond yield one-day chart. Source: Cointelegraph/TradingView

Commenting on the possibility of further bond-market intervention, trading resource The Kobeissi Letter said interest-rate cuts — a key potential liquidity driver for crypto markets — were not an option in the current inflation environment.

“The reality is that the Fed cannot cut rates in this environment and the Trump Administration knows this. So, direct bond market intervention is the only solution to drive interest rates and yields lower over the short-run,” it wrote in a post on X.

“Our view? Don’t fight the Treasury.”

As Cointelegraph reported, market consensus points to an unchanged policy rate at the Fed’s September meeting, with the odds of that outcome currently at 61.9%, according to CME Group’s FedWatch Tool.

Fed target-rate probabilities for September FOMC meeting (screenshot). Source: CME Group

PCE data and Nvidia earnings in focus

Looking at the near-term macro outlook, trading firm QCP Capital shifted attention away from the Treasury toward new US inflation data and the Federal Reserve’s Jackson Hole economic symposium, scheduled for Aug. 27-29. The annual gathering in Jackson Hole, Wyoming, hosted by the Federal Reserve Bank of Kansas City, is closely watched by markets, as Fed chairs have historically used their remarks there to signal the direction of monetary policy.

Related: First bear-market trend line reclaim since 2025: Five things to know in Bitcoin this week

Wednesday will bring the July reading of the Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation gauge, which tracks price changes across US consumer spending on goods and services. The index posted its first month-on-month decline since 2020 in June. Nvidia, one of the largest companies in the world by market value and a heavily weighted component of the S&P 500, is also set to report earnings on Wednesday, adding another possible catalyst for volatility in risk assets.