Bitcoin Price Analysis – BTC Stays Above $79K as $90K Target Remains in Play

Highlights:

• Bitcoin price is unchanged intraday as a US holiday takes away intraday liquidity.
• Rate hike expectations in the US could see Bitcoin erase gains and drop to the low $60ks.
• A possible peace pathway for the Ukraine war could push Bitcoin higher to $90k.

Bitcoin (BTC) is little changed intraday, reflecting a relatively calm day across markets. At the time of writing, Bitcoin was trading at $79,379.29, down by 0.69% in the day. However, Bitcoin trading volumes have increased slightly during the day, up 14.27% to $22.85 billion. 

The lack of price action, despite a slight increase in volume, indicates that the big players are not actively participating today. This is because today is Labor Day, a holiday, and Wall Street is closed. Without institutional capital from the US, one of the world’s largest cryptocurrency markets, a major intraday move is unlikely.

Bitcoin Price Faces Pressure After Strong US Jobs Data

Aside from the US market being closed, Bitcoin’s intraday price action is informed by US data released last week. On Friday, September 4, the US jobs data came out, showing much stronger growth than markets had anticipated. This has increased the perception that the Federal Reserve could take advantage of the overall healthy economy to hike interest rates. Since interest rates tend to pull money away from risk-on assets, Bitcoin ETFs could see significant outflows in the future. This is already reflected in the slowdown in Bitcoin’s price action since the US jobs data came out. 

Surging Oil Prices Hurting Risk-on Assets Like Bitcoin

Bitcoin’s short-term price action is also likely to be affected by oil prices. For the past week, oil prices have surged to over $95 due to the escalation in Iran. As oil prices rise, they weaken the global economy and further add to the inflationary pressure the average person faces. The result is that investors may find high-risk investments like Bitcoin attractive in the short term. If oil prices continue to rise, Bitcoin could face strong resistance at $80k and potentially drop back to the low $60s, where it traded before the recent rally.

Oil extends gains after US and Iran strike ships https://t.co/3taWW6vYPr https://t.co/3taWW6vYPr

— Reuters (@Reuters) September 7, 2026

Renewed Hopes for End to Ukraine War Could Uplift Bitcoin

However, despite the slight intraday weakness, some factors could work in Bitcoin’s favor in the short term. One of them is Jared Kushner’s recent trip to Russia with a high-profile US delegation. The move has seen Russia and Ukraine announce a 3-day cessation of hostilities. It has also ignited hopes that President Trump could successfully push to end the war in Ukraine during his term. 

The impact on markets is that it removes one of the main geopolitical anxieties affecting markets now. This is likely to reignite risk-on sentiment, especially if a peace deal starts to push oil prices lower.

In such a case, risk-on assets that are still relatively undervalued, such as Bitcoin, could see their prices rocket in the short term. This is part of the reason Bitcoin’s price is still holding up, despite the risk of an interest rate hike in the US. US stock index futures, which Bitcoin mirrors, are also up intraday, further hinting at excitement around Kushner’s Russia trip. 

Technical Analysis – Bitcoin Price is Trading Within a Multi-Day Range

Bitcoin is currently oscillating between the $81,212 resistance and $77,169 support. If bulls take control and push Bitcoin through the $81,212 resistance, a rally to $90k could follow.

However, if bears take control and push Bitcoin through the $77,169 support, a correction to $62,612 could follow. Any of these scenarios can play out depending on how markets weigh risk at the macro level. If the push to end the Russia-Ukraine war outweighs the risk of escalation in Iran, oil could drop, and Bitcoin could rocket to $90,000. However, if oil remains high and the US hikes rates, a correction to $62,612 could follow in the short term.