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BTC Bitcoin fell below US$80,000, gold and cryptocurrencies were under pressure, and U.S. stocks rose against the trend.
When Wall Street opened on Tuesday, Bitcoin (BTC) fell below US$80,000. The rally in cryptocurrencies and gold gave way to the rise in the U.S. stock market.
Key Points
Bitcoin's upward momentum has subsided, making it difficult for the US$80,000 mark to be transformed into support. Gold fell along with Bitcoin prices after hitting a multi-month high of $4697 an ounce, while the U.S. 30-year Treasury yield targeted a three-week low. Market attention shifted from bonds to tomorrow's U.S. inflation data and Nvidia's earnings report.
Bitcoin prices are difficult to stabilize at US$80,000
TradingView data shows that BTC/USD once fell to US$78111 after hitting a 14-week high of US$81265 on Bitstamp. 
BTC/USD One-hour chart. Source: Cointelegraph/TradingView Traders previously regarded the US$80,000 area as a strong selling pressure area. As the U.S. trading session opens, both Bitcoin and gold are under pressure, and the area seems difficult to recover. XAU/USD fell to US$4605 per ounce during the day, a drop of nearly 2%. 
XAU/USD One-hour chart. Source: Cointelegraph/TradingView Last week, the U.S. stock market went against gold and cryptocurrencies, coming under pressure as the latter rose. The divergence continued this week, with the S & P 500 and Nasdaq Composite rising slightly 0.2% and 0.5% respectively. 
One-day chart of the Nasdaq Composite Index. Source: Cointelegraph/TradingView The relative strength of U.S. stocks seems to have been largely unaffected by the U.S. -Canada trade tariff dispute, and recent negotiations have broken down. U.S. President Donald Trump accused Canada of "blackmailing" the United States on his Truth Social account and vowed: "Over the past decade, the United States has lost an average of $60 billion a year due to Canada." That's it!" U.S. Treasury yields continued to cool on the day, with the 30-year yield falling below 5.2%, close to its lowest level since August 7. Last week's surge in cryptocurrencies came as yields hit new highs since January 2007, and the U.S. Treasury Department announced a larger bond repurchase operation to curb the upside. 
One-day chart of U.S. 30-year Treasury yields. Source: Cointelegraph/TradingView Regarding the prospects for further bond market intervention in the future, trading resource The Kobeissi Letter pointed out that in the current inflationary environment, interest rate cuts (a potential key liquidity driver in the cryptocurrency market) are not a viable option. In a post on the X platform, he said: "The reality is that the Fed cannot cut interest rates in the current environment, and the Trump administration knows this." Direct intervention in the bond market is therefore the only solution to driving down interest rates and yields in the short term. Our opinion? Don't confront the Treasury." According to CME Group's FedWatch tool data, the market consensus expects the Federal Reserve to continue to keep interest rates unchanged at its September meeting, with the current probability of 61.9%. 
Target interest rate probability at the Federal Reserve's September FOMC meeting (screenshot). Source: CME Group
PCE and Nvidia's earnings have attracted much attention
Talking about the recent macro outlook, trading firm QCP Capital shifted its focus from the Treasury Department to the latest U.S. inflation data and the Federal Reserve's Jackson Hole Economic Seminar held from August 27 to 29. The July personal consumption expenditure (PCE) index, the Fed's preferred inflation indicator, will be released on Wednesday, which showed its first month-on-month decline in June since 2020. At the same time, technology giant Nvidia will also report earnings on Wednesday, which will serve as another potential catalyst for volatility in risky assets.
