Bitcoin slipped below $79,000 on September 8 as large-scale selling by holders and surging crude oil prices weighed on digital assets. The retreat coincided with growing macroeconomic anxiety after US military operations targeted energy transit infrastructure in the Middle East.
Naval strikes drive energy rally
The US military struck three Iranian oil tankers on September 5 near Kharg Island, Jask, and in the Gulf of Oman. The targeted vessels included the M/T Downy, the M/T Kylo, and the M/T Stark 1. Admiral Brad Cooper, Commander of Centcom, stated: “If you shoot at two of our ships, we will impose an even higher economic cost by disabling three of yours.” Centcom’s broader naval blockade operations, which resumed on July 14, 2026, have redirected 92 merchant vessels, boarded two, and disabled three.
The escalation pushed energy markets higher, with WTI crude oil reaching $92.89 a barrel on September 8. Crude has gained 13 percent over the past month, rising from levels below $70 a barrel recorded in July. Rising oil prices have renewed inflation concerns, reducing appetite for risk assets across financial markets.
Whale selling and chart signals
On-chain metrics point to sustained distribution from major cryptocurrency investors. Glassnode’s Accumulation Trend Score showed an aggregate ratio of 0.37, indicating divestment among whales holding at least 1,000 BTC. These large holders had previously built positions around the $60,000 mark during summer trading.
Technical indicators also show conflicting signals as Bitcoin’s 50-day moving average approaches its 200-day moving average, a formation known as a golden cross. Market data recorded 12 golden cross formations since 2012. Only three of those 12 historical instances held for more than one year without being invalidated by a death cross. Crypto markets also digested security fallout from a weekend hack targeting the Liquid Network.
Related: Bitcoin falls below $77,500 on ETF outflows
Source: Glassnode
