Bitcoin fell amid Trump's threats of a larger attack on Iran.

On Tuesday, September 1, Bitcoin briefly retreated to the $76,000 range after President Trump announced that the US had launched strikes on Iranian targets near the Strait of Hormuz and was escalating the attack.

Trump posted a message on Truth Social that the United States was striking Iranian targets in response to Iran's attempt to lay naval mines in its waters and launch eight missiles at a U.S. military base in Jordan.

On this news, the price of Brent crude oil rose nearly 5% to $96 per barrel. At the same time, the Dow Jones , S&P 500 , and Nasdaq indices declined, creating the worst possible situation for risky assets.

Peter Schiff wrote on social media that as long as there is a spending deficit, the Fed will continue printing money and buying Treasury bonds. Consequently, small interest rate hikes won't reduce inflation but, on the contrary, will spur it, increasing the budget deficit.

In this situation, Bitcoin analyst James Lavish noted that the key global bond yield reaching its highest level since 2008 should be considered "the death of fiat money in a slowly unfolding train wreck."

Analyst Caleb Franzen added that all market participants now expect higher yields, and that consensus level itself carries risk.

Rising yields are important for Bitcoin, as high yields on safe-haven government bonds are diverting capital away from risky assets like cryptocurrencies. This makes it difficult to sustain Bitcoin's gains last week.

After reaching a high of $82,207 in the last week of August, BTC is now testing the 0,786 Fibonacci retracement support at $76,984, an area that acted as resistance in June and July.

Holding this level preserves the structure of the breakout, and losing it increases the risk of a further decline to $72,900.