Bitcoin rose to almost $85,000 on Wednesday, then gave back more than $4,000 within a day or so. Rising oil prices and an approaching FOMC meeting now weigh on the market, where the general consensus is that the Fed won't change interest rates.
Bitcoin struggles to remain above $81,000 after another leg down on Friday. The drop followed a rejection near $85,000, and attention has shifted to the Federal Reserve.
Bitcoin rejected after a two-week high
The previous business week ended with a nosedive that pushed BTC under $80,000 for the first time in a month, after CPI and PPI data showed inflation remains a major concern. Bitcoin then recovered to $82,800 on Friday afternoon and Saturday.
On Wednesday, the asset rocketed to almost $85,000 for the first time in two weeks. However, it slumped by over four grand within a day or so, after gaining $5,000 from the previous week's dip.
Oil above $100 and a looming FOMC meeting
The macro backdrop continues to deteriorate. Oil prices rocketed above $100 per barrel after new threats from US President Donald Trump about potential strikes against Iran.
Meanwhile, the market has focused on next week's FOMC meeting. The general consensus is that the Fed won't change interest rates.
Altcoins slip while big holders buy
The weekly chart shows a minor decline for bitcoin, while most altcoins, such as ETH, XRP, SOL, TRX and DOGE, dropped by up to 2%. XMR, PEPE, PUMP and BNB are in the green for the week.
Large holders kept buying despite the price struggles. On-chain data showed they scooped up almost 89,000 BTC in the past month alone.
Strategy, meanwhile, acquired 267 BTC, putting its total stash at a new all-time high of 848,527 units. Strive acquired another 1,223 BTC.
Source: CryptoPotato
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