This week, Bitcoin once again came under pressure, retreating around the $85,000 level due to worsening macroeconomic conditions ahead of the upcoming Federal Reserve System (FOMC) meeting. The previous workweek ended with a decline when Bitcoin (BTC) fell below $80,000 for the first time in a month. This drop was triggered by consumer price index (CPI) and producer price index (PPI) data, indicating ongoing inflation as a primary economic issue. Starting from Friday, October 20, Bitcoin managed to recover slightly, rising to $82,800 over the weekend.
Despite attempts to rise, there was a short-term price drop on Saturday evening, which also affected futures on artificial intelligence technology stocks. However, this decline was overcome, and by Sunday, Bitcoin was once again aiming to reach the $83,000 level. Nevertheless, the market remained under bearish control, and on October 25, the BTC price fell again, dropping more than $4,000 in a day. This drop coincided with oil prices rising above $100 per barrel amid new threats from U.S. President Donald Trump regarding Iran.
At the moment, Bitcoin was fluctuating around $81,340 after a new decline. Over the week, the digital currency showed a slight decrease, while many altcoins such as Ethereum (ETH), Ripple (XRP), Solana (SOL), TRON (TRX), and Dogecoin (DOGE) lost up to 2% of their value. Sharper losses were observed in assets like HYPE, Cardano (ADA), NEAR, RAIN, TAO, BTW, Quant (QNT), and AAVE. Opposite dynamics were shown by Monero (XMR), PEPE, PUMP, and Binance Coin (BNB), which demonstrated growth. All market eyes are now focused on the FOMC meeting next week, where interest rates are expected to remain unchanged. The total cryptocurrency market capitalization stands at $2.840 trillion, with a 24-hour trading volume of $68 billion. Bitcoin's market share is 57.5%.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
Related articles
