Bitcoin Price This Week: BTC Holds Near $70,000 After Fed, Oil Shock and ETF Outflows
Bitcoin hovered close to $70,400 on Saturday, holding steady after a sharp pullback late in the week erased gains that had pushed it up toward $75,000. The token was recently quoted at $70,419, having dipped under $70,000 on Thursday and reaching as high as $74,300 earlier this week. This week, bitcoin moved more like a rates-sensitive play than any kind of haven from global turmoil. IG Group’s Chris Beauchamp floated the idea of a “haven niche” early on, but by Friday, oil prices were rallying, bond yields had spiked, and spot bitcoin ETFs trading in the U.S. were seeing renewed outflows.