Bitcoin Struggles at $70K After $76K Rejection as Fed Holds Rates: Weekly Recap

It was another highly eventful macro week, as the tension in the Middle East is nowhere near coming to an end, but also in the US, where the central bank was scheduled to have its second FOMC meeting for the year. Recall that just a week ago, bitcoin pushed toward $74,000 for the second time in the past 10 days, only to be rejected and driven south toward $70,000 during the weekend, especially after the US carried out one of the most devastating bombing attacks, as described by the POTUS, on Iranian infrastructure. Nevertheless, the asset managed to maintain that level and quickly reversed its trajectory on Monday and especially Tuesday. It peaked on Tuesday morning at $76,000, which became its highest price tag in almost six weeks. However, its progress stalled at this point, and the asset returned to $74,000 on Wednesday. It nosedived hours before the aforementioned FOMC meeting, going from $74,400 to $71,200. When the Fed’s decision met expectations, meaning that there was no change in the interest rates, BTC rebounded to $72,000. The Fed Chair’s worrying comments about inflation and the overall economy led to more losses on the following day, and BTC dipped to $68,800 on Thursday. It bounced to over $71,000 earlier today, but it was stopped once again and currently fights to stay above $70,000. This means that it has lost nearly 5% of value in the past week, which is worse than many alts, including ETH and XRP. Moreover, some, such as HYPE, TRX, TAO, and HTX, have posted impressive gains over the same period, reducing bitcoin’s dominance over the alts by over 0.5%. Market Data Cryptocurrency Market Overview Weekly Mar 20. Source: QuantifyCrypto Market Cap: $2.48T | 24H Vol: $96B | BTC Dominance: 56.3% BTC: $69,800 (-4,6%) | ETH: $2,125 (-2,4%) | XRP: $1.43 (-0,2%) This Week’s Crypto Headlines You Can’t Miss BREAKING: Strategy Buys $1.57 Billion Worth of Bitcoin (BTC). The business week began with a big purchase from Strategy. Saylor’s brainchild splashed over...