Bitcoin traded just under $78,800 on Tuesday, losing more than 1% on the day while holding on to a modest weekly gain, according to CoinDesk data. The cryptocurrency has now spent two weeks unable to close above $80,000, yet it has not given back the August rally that carried it to that level — a standoff that has kept the market range-bound between roughly $77,000 and $80,000 while traders wait on macro data.

Zcash suffered the steepest decline among major tokens, falling nearly 5% to roughly $1,125. Even after that pullback, it remains up 33% over seven days — the largest weekly gain among large-cap cryptocurrencies, though such outsized moves in smaller-cap majors often see sharp givebacks as traders take profits. Hyperliquid's HYPE dropped more than 3% to about $84, and solana fell over 2% to just above $103, with both erasing their entire weekly advances.

Ether slipped 1% to just under $2,482, XRP eased to $1.39, and tron was little changed at around 33 cents. Dogecoin and BNB fared best, each down only a fraction of a percent while retaining the strongest seven-day gains outside zcash — up nearly 9% and more than 7%, respectively.

Treasury yields remain the main source of pressure on the market. Higher yields raise borrowing costs across the economy and tend to weigh on risk assets from equities to crypto by making bonds comparatively more attractive. The 10-year note held near 4.8% after August payrolls came in at 162,000, far above forecasts of roughly 53,000. Traders now assign about a 60% probability that the Federal Reserve will raise rates by a quarter point at next week's meeting — an outcome that was close to unthinkable in the spring.

The dollar index eased to just under 99 for a second session as yen buyers positioned for Bank of Japan tightening, while gold pushed above $4,430.

"Crypto has absorbed these headwinds without suffering meaningful technical damage," said Joel Kruger, market strategist at LMAX Group, in an email.

Brent crude held above $97, a six-week high, after Iran said a deal with Oman to manage Strait of Hormuz shipping was near completion. That followed a weekend of U.S. and Iranian strikes on vessels and military assets. Elevated oil prices keep the inflation impulse alive heading into Friday's consumer price report — a complication for the Fed, since energy costs flowing through the economy could offset progress on cooling prices elsewhere.

Asian equities were split at the start of the week. South Korea's Kospi surged almost 5% to its highest level since late July, and Japan's Nikkei added more than 2% on an AI-driven memory chip rally, while the Hang Seng fell nearly 1%.

Yusuf Fakhro, partner at ARP Digital, said that on options desks "the persistent fear that defined the entire bear phase has drained out," noting that long-term holders flipped to net buyers in late August for the first time in the move.

Thursday's producer price index and Friday's CPI report are the final inflation readings before the Fed meets. A hot core print would push hike odds toward two-thirds and put bitcoin's $77,000 range floor directly in play.

Source: CoinDesk