Bitcoin experienced a slight downturn on September 2, 2026, as it fell 0.2% to $77,132, retreating after an impressive 25% rally in August. This pullback comes amidst escalating geopolitical tensions and rising Treasury yields, both of which have influenced market sentiment.
The recent U.S.-Iran military strikes heightened concerns, as President Trump threatened to target Iranian oil infrastructure while Tehran warned of further retaliation against U.S. bases in the Gulf. This tit-for-tat has created a climate of uncertainty, leading to a spike in oil prices and, subsequently, fears of energy-driven inflation. The rising bond yields in the U.S., Japan, Australia, and Europe have made riskier assets like Bitcoin less appealing to investors.
As markets brace for a potential interest rate hike by the Federal Reserve in September, the focus remains on inflation, which continues to exceed the Fed’s target of 2%. The upcoming nonfarm payrolls report is expected to further influence rate expectations.
Whale Accumulation Continues
Despite the recent price dip, whale investors are seizing the opportunity to accumulate Bitcoin. Analyst Ali Charts highlighted that during the correction from a local high of $81,474 on August 28 to $76,732, approximately 6,765 BTC—valued at around $521 million—were purchased by these large holders.
In contrast, some analysts have noted weakness in Bitcoin’s price action at major trendline resistance. For instance, analyst CryptosBatman pointed out a bearish crossover in the MACD indicator, suggesting that a deeper pullback might be on the horizon if the current divergence persists.
Furthermore, corporate holders are also participating in this accumulation phase. Strategy, a leading corporate Bitcoin holder, made its first BTC purchase in two months, providing additional support to the price.
Key Levels to Watch
According to a report from Glassnode, Bitcoin’s price is currently trapped between two significant zones. Accumulation support is identified at $62,000–$65,000, formed during the summer consolidation phase. On the other hand, long-term holders have created a supply wall at $83,000–$86,000.
Glassnode’s data indicates that 1.05 million BTC are held by long-term holders at the upper range, while 1.44 million BTC are providing support at the lower end. As the profitable Bitcoin supply has increased from 65% in May to 68% in late August, this may lead to increased selling pressure near the highs.
Short-term derivatives sentiment has also cooled following Bitcoin’s failure to maintain levels above $80,000, with the 25-delta skew returning to neutral. However, longer-term options positioning appears stable, with little movement in the 180-day skew during the recent rally and subsequent pullback.
Looking ahead, the September 25 options expiry is set to impact the market, holding around $14 billion in open interest, primarily concentrated above the $80,000 strike price.
As of the latest update, Bitcoin was trading at $77,060, reflecting a slight decline of 0.2% in the previous 24 hours. The unfolding geopolitical events and market dynamics will continue to shape the outlook for Bitcoin in the coming weeks.
