Bitcoin fell back below US$26,000 on Thursday following a one percent dip on the world’s largest cryptocurrency’s spot price.
As of Friday morning, the BTC/USDT pair was swapping for US$25,973, with bitcoin bulls unable to recover the 26k resistance line in Friday’s Asia trading session.
It has been a disappointing week for bitcoin holders, as the benchmark cryptoasset was unable to recover from last Thursday’s bruising 7.3% plummet.
Open interest on the bitcoin futures market fell significantly in the past week, from above $10 billion to less than $8 billion today.
Federal Reserve chair Jerome Powell will be speaking at the Jackson Hole economic symposium in Wyoming today, with markets on tenterhooks for Powell’s views on the fight against inflation.
"As we already know from recent comments from various Fed officials it is clear the Fed believes the fight against inflation is far from over, and in that context it's unlikely he will deliver any dovish surprises," CMC's Michael Hewson predicted.
A firm hawkish stance could provide even further headwinds for risk assets like bitcoin.
For now, bitcoin bulls are fighting to recover the 26k price point, with support lines marked out at $25,000 and $24,800, per Binance’s order book.
Ethereum (ETH) fell 1.1% in Thursday trades and another half a percent this morning, bringing the ETH/USDT pair down to $1,653.
Week on week, bitcoin is down 1.65% while ether is down 2.3%.
Solana (SOL) and Polygon have felt the pinch this week, falling 6.8% and 7.3% respectively, while Cardano (ADA) and Dogecoin (DOGE) have managed to keep losses below one percent.
Global cryptocurrency market capitalisation currently stands at $1.05 trillion, with bitcoin dominance sitting at 49.22%.
Read more on Proactive Investors AU
