Bitcoin price news: BTC slips below $68,000 as dollar posts steepest weekly gain
Bitcoin dropped below $68,000 as the U.S. dollar recorded its largest weekly gain in a year, driven by inflation fears.Summary
Bitcoin fell to $67,960 over the weekend, continuing a pattern of late-week selling, despite being up 3.6% for the week. This price action coincided with the U.S. dollar posting its steepest weekly gain in a year, strengthening due to markets pricing in higher energy costs, persistent inflation, and delayed Federal Reserve rate cuts, which acts as a headwind for dollar-denominated assets like BTC.
On-chain data from Glassnode indicates a fragile market structure, with 43% of Bitcoin's total supply currently sitting at a loss, creating potential selling pressure on any rally as underwater holders seek to break even. This overhang is cited as a reason why the mid-week high of $74,000 was unsustainable.
However, there was a positive signal from stablecoin flows, which jumped 415% to $1.7 billion for the week, suggesting potential dry powder waiting to be deployed. The overall market sentiment remains heavily influenced by geopolitical tensions, elevated oil prices, and the strong dollar environment.
(Source：CoinDesk)