Can Bitcoin Keep Its Momentum? 03/09/2026
Market Wrap
U.S. stocks closed higher on Wednesday, snapping a three-day losing streak as investors navigated elevated Treasury yields, persistent inflation concerns and renewed geopolitical tensions.
The Dow Jones Industrial Average gained nearly 300 points, or 0.6%, while the S&P 500 and Nasdaq Composite each advanced 0.5%.
Bond markets remained a key focus. The 2-year Treasury yield climbed as high as 4.41%, its highest level since January 2025, while the 10-year yield briefly reached 4.818%, the highest since November 2023. Both yields later pulled back from their session highs, helping ease some pressure on equities.
Oil prices remained elevated amid continued fighting between the U.S. and Iran. WTI crude gained 0.9% to settle just above $91 a barrel, keeping concerns alive that higher energy costs could complicate the inflation outlook.
New York Fed President John Williams offered a more constructive interpretation of the bond-market selloff, saying the rise in Treasury yields reflects stronger economic prospects following record corporate profits in the second quarter.
Geopolitical risks remain firmly in focus after Iran struck Kuwait, while President Donald Trump suggested the renewed Middle East conflict would not last "too long."
Attention now shifts back to the U.S. labor market. Weekly jobless claims are due Thursday, ahead of Friday's closely watched August employment report, which could play a key role in shaping expectations for the Federal Reserve's next policy move.
On the earnings front, Ciena (CIEN) and Campbell's (CPB) report before the opening bell, followed by Zscaler (ZS), DocuSign (DOCU) and UiPath (PATH) after the close.
Bitcoin Rebounds Above $77,500 as Buyers Defend Key Support
Bitcoin (BTC) rebounded above $77,500 on Thursday after a volatile stretch driven by renewed U.S.-Iran tensions, rising oil prices and a sharp move higher in Treasury yields.
The cryptocurrency briefly fell toward $76,200 after fresh U.S. strikes on Iran triggered another round of risk-off trading. Bitcoin later recovered to around $77,600, gaining roughly 1.5% over 24 hours as buyers stepped in near the $76,350 level, which analysts identify as the average cost basis for active investors.
The volatility hit leveraged traders particularly hard. Roughly $110 million in Bitcoin positions were liquidated during the selloff, with long positions accounting for about $91 million as repeated attempts to reclaim the $78,000 level failed.
Technical support is now coming into sharper focus. Analyst Michaël van de Poppe sees the $76,200-$76,400 area as an important near-term zone. A decisive break below that range could expose $74,000, which he views as the next major potential buying area.
Macro conditions remain a key driver. Higher oil prices have revived inflation concerns and pushed the 10-year Treasury yield above 4.8%, while expectations for another Federal Reserve rate increase have eased slightly. Markets currently price roughly a 62% probability of a quarter-point hike in September, down from about 67% a day earlier.
The broader crypto market also recovered, with XRP (XRP) gaining nearly 3%, while BNB (BNB) and Solana (SOL) advanced about 2%. Ether (ETH) lagged near $2,400.
Friday's U.S. employment report now represents the next major catalyst. With Bitcoin holding just above an important cost-basis support zone and September historically a weaker month for the cryptocurrency, the labor data could determine whether the rebound extends toward $78,000 and beyond or sellers force another test of the $74,000-$76,000 region.
Stocks on the Move
- Snowflake (SNOW): Shares surged 22% after second-quarter earnings and revenue topped Wall Street expectations. The company reported adjusted earnings of 62 cents per share on $1.55 billion in revenue and raised its full-year product revenue outlook.
- Hewlett Packard Enterprise (HPE): Shares slipped 4% after the company issued its fiscal 2027 outlook. HPE expects earnings growth of 16% to 20%, while free cash flow is projected at least $5 billion, above Wall Street expectations.
- Broadcom (AVGO): Shares were little changed after initially falling about 5% in extended trading. Investors focused on fourth-quarter revenue guidance of $34.8 billion, slightly below expectations, and a softer operating-margin forecast. Third-quarter revenue reached $29.59 billion with adjusted earnings of $3.32 per share.
- Petco (WOOF): Shares jumped nearly 9% after second-quarter adjusted EBITDA margin of 8.2% topped expectations. Even excluding a tariff-related benefit, the margin came in ahead of consensus.
- Five Below (FIVE): Shares gained 5% after second-quarter earnings and revenue beat expectations. The retailer reported earnings of $1.68 per share on $1.26 billion in revenue, while comparable-store sales also exceeded forecasts.
- C3.ai (AI): Shares fell 2% after the artificial intelligence software company issued weaker-than-expected second-quarter revenue guidance.
Watchlist: AVGO, SNOW, AI, FIVE, HPE, NTAP, MSTR, CVX, CIEN, ZS, DOCU, PATH
Key Economic Events Today
Economic Data (EST)
- 08:30 AM — USD Unemployment Claims
- 08:30 AM — USD FOMC Member Waller Speaks
- 08:30 AM — USD Trade Balance
- 09:45 AM — USD Final Services PMI
- 10:00 AM — USD ISM Services PMI
- 03:00 PM — USD FOMC Member Hammack Speaks
Earnings
Before Market Open: Ciena Corp (CIEN), Campbell's Soup Company (CPB)
After Market Close: Zscaler (ZS), Samsara (IOT), Guidewire Software (GWRE), Lululemon (LULU), DocuSign (DOCU), UiPath (PATH)
