Bitcoin slipped to around $76,094 on Thursday as surging oil prices and a hawkish Federal Reserve meeting combined to weigh on risk assets.
Brent crude spot markets crossed $120 per barrel for the first time since June 2022, driven by the ongoing US-Iran war that shows no sign of resolution.
Trump added pressure on the diplomatic front, posting on Truth Social:
“Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!”
Inflation fears return
Trading resource The Kobeissi Letter captured the mood in a post on X, warning that Asia is facing its worst energy crisis in history and Europe has just weeks of jet fuel left, with the US exporting record amounts of oil as a result.
The firm stated bluntly:
“Inflation is back.”
Those inflation fears fed directly into Wednesday’s Federal Open Market Committee meeting, where the Fed held interest rates unchanged for the third straight meeting.
Nic Puckrin, CEO of crypto education platform Coin Bureau, described the session — the last chaired by Jerome Powell — as Powell’s:
“Most hawkish in years.”
Puckrin noted that for the first time since 1992, four Fed members dissented the decision, and argued the Fed’s “soft landing” policy on inflation had effectively ended.
Trump attacks Powell again
Trump renewed his attacks on Powell after the decision, calling him “too late” on rate cuts ahead of the expected handover to incoming Fed Chair Kevin Warsh.
Trump has said he would be disappointed if Warsh failed to cut rates at his first FOMC meeting in June.
BTC price holds key support
Despite the pressure, bitcoin managed to hold the 21-day simple moving average near $75,500 overnight, a level trading resource Material Indicators flagged as critical.
Order-book data from Binance showed whale order classes broadly buying the dip, while smaller traders reduced exposure — a dynamic that has historically supported price in the short term.
