Bitcoin slips near $79,600 as oil rebounds and BoE hikes
BROBROK News · Based on reporting by Bitcoin Magazine ·
Bitcoin traded near $79,600 after pulling back from its latest rally, as oil prices recovered and the Bank of England raised interest rates. The move came even as U.S. spot bitcoin ETFs posted a net inflow and the token remained above its election-night level.
Key points
- BTC changed hands around $79,632, about 2% higher on the day
- The price briefly traded above $80,000 during Wednesday’s session
- Brent and WTI rebounded after sharp declines, adding pressure to risk assets
- The Bank of England raised Bank Rate by 25 basis points to 4%
- U.S. spot bitcoin ETFs recorded $74.6 million in net inflows on Wednesday
Why it matters
The story ties Bitcoin’s short-term moves to macro drivers, especially energy prices and central bank policy. It also shows that ETF demand is still helping offset selling pressure in the market.
Original headline: “Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates”
Read the original on Bitcoin Magazine
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.