Bitcoin’s volatile week saw prices oscillate between support near $79,000 and resistance at $82,000, influenced by U.S. inflation data and regulatory news. A spike following the CLARITY Act’s progress in a Senate panel was quickly erased by a Friday sell-off that pushed BTC below $79,000. Despite the pullback, Bitcoin’s market dominance remains above 58%, though it was outperformed by several major altcoins over the weekly period.
Bitcoin experienced significant price volatility over the past week, repeatedly testing the $82,000 resistance level. Each attempt was met with selling pressure that pushed the cryptocurrency back below $80,000.
The U.S. Consumer Price Index data for April, which showed inflation hitting a three-year high of 3.8%, triggered a dip to under $79,000. Conversely, news that the CLARITY Act passed a Senate panel was seen as a bullish development, causing a rapid price explosion to $82,000.
That rally proved short-lived as bears reemerged, leading to a sharp Friday decline of over $3,000 from the peak. Bitcoin now struggles below $79,000 despite remaining slightly positive on a weekly scale.
The asset’s market capitalization stands at approximately $1.58 trillion. Analysts offered divergent views on the movement, with Dr. Profit predicting a substantial crash while Arthur Hayes forecasted a long-term surge to $126,000.
In corporate news, MicroStrategy resumed its Bitcoin buying spree with a purchase of 535 BTC for $43 million. The firm’s total holdings now amount to 818,869 BTC, as stated in its announcement.
Meanwhile, investment services giant Charles Schwab launched Schwab Crypto, allowing selected retail clients exposure to Bitcoin and Ethereum. The broader market sentiment was described by Tom Lee as approaching a ‘crypto spring’.
