{"id":248062,"date":"2026-11-05T13:47:53","date_gmt":"2026-11-05T13:47:53","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=248062"},"modified":"2026-11-05T13:47:53","modified_gmt":"2026-11-05T13:47:53","slug":"bitcoin-price-trades-near-79600-as-oil-rebounds-and-bank-of-england-hikes-rates","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=248062","title":{"rendered":"Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates<\/a><\/p>\n

<\/div>\n

Bitcoin price traded near $79,600 on Thursday morning, up about 2% from a day earlier but roughly $21,900 below its price one year ago, after slipping back under $80,000 as oil prices recovered and the Bank of England raised interest rates, according to Bitcoin Magazine Pro<\/em> data.<\/p>\n

Bitcoin changed hands at $79,632 at 8:05 a.m. ET, with a market cap of about $1.60 trillion and roughly $35.2 billion in trading volume over the past day.<\/p>\n

The move gives back a slice of Wednesday\u2019s rally. Bitcoin price held near $80,000<\/a> through Wednesday afternoon and stayed above that level overnight, peaking just under $80,900 around 5 p.m. ET. It dipped below $80,000 in the 7 a.m. ET hour on Thursday, as stock futures turned mixed and oil firmed.<\/p>\n

The pullback is small next to the week\u2019s swing. Bitcoin sat near $75,600 on election night, so Thursday\u2019s price is still more than 5% above that low.<\/p>\n

Oil and rates set the tone<\/h2>\n

Oil drove Wednesday\u2019s relief rally, and it is now taking some of that back. Brent crude futures rose<\/a> $1.53, or 1.6%, to $96.15 a barrel on Thursday, while West Texas Intermediate added 52 cents to $88.64. Both benchmarks fell more than 8% on Wednesday to settle at their lowest since Aug. 31.<\/p>\n

\u201cThe situation in the Middle East is still unresolved and that\u2019s why there is some modest recovery in prices at the moment,\u201d UBS commodity analyst Giovanni Staunovo said<\/a>.<\/p>\n

That matters for the bitcoin price because energy has been the main channel from the Iran war into inflation and interest rates. Cheaper crude eases pressure on the Federal Reserve. A rebound does the opposite.<\/p>\n

The Bank of England made that link explicit on Thursday. Its Monetary Policy Committee voted<\/a> 8-1 to raise Bank Rate by a quarter point to 4%, its first hike in more than three years, with the one dissenter, Catherine Mann, pushing for a half-point move. The bank said U.K. inflation is now expected to rise to around 5% by the middle of next year, citing energy prices tied to a conflict \u201cnow in its ninth month.\u201d<\/p>\n

CNBC<\/em> called<\/a> it the last major central bank to start tightening since the war began, a reminder that global rates are still moving against risk assets.<\/p>\n

Stocks cool, ETFs return<\/h2>\n

U.S. stock futures split Thursday morning after the Dow\u2019s best session since April 2025. Dow futures rose<\/a> 0.5% and S&P 500 futures added 0.1%, while Nasdaq-100 futures dropped<\/a> about 0.5% as chip and data center stocks stayed under pressure.<\/p>\n

Fund demand picked up. U.S. spot bitcoin ETFs took in<\/a> a net $74.6 million on Wednesday, ending a three-session run of outflows that totaled about $1.16 billion. Fidelity\u2019s FBTC drew $236.7 million, more than offsetting a $201.2 million outflow from BlackRock\u2019s IBIT.<\/p>\n

Supply from miners remains a weight. Riot Platforms (RIOT) disclosed<\/a> Wednesday that it has sold 20,264 bitcoin this year to fund AI data centers, leaving it with 2,418 BTC.<\/p>\n

What comes next for bitcoin price<\/h2>\n

The policy overhang has not gone away. House Democrats are already sketching their own market structure bill<\/a> with a bigger role for the SEC, and the committees that oversee crypto pass to Democrats in January.<\/p>\n

The data calendar is the nearer test for the bitcoin price. Weekly jobless claims land at 8:30 a.m. ET Thursday, the October jobs report follows Friday, October CPI comes Nov. 10 and the Fed\u2019s next decision is Dec. 9, as laid out<\/a> in Tuesday\u2019s preview.<\/p>\n

Bitcoin price remains about 37% below its all-time high near $126,080. The test now is whether ETF buyers keep showing up if oil keeps climbing.<\/p>\n

At the time of writing, the bitcoin price is near $79,600.<\/p>\n

\n<\/p>

This post Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Bitcoin Price Trades Near $79,600 as Oil Rebounds and Bank of England Hikes Rates Bitcoin price traded near $79,600 on Thursday morning, up about 2% from a day earlier but roughly $21,900 below its price one year ago, after slipping back under $80,000 as oil prices recovered and the Bank of England raised […]<\/p>\n","protected":false},"author":0,"featured_media":248063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-248062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/248062"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=248062"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/248062\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/248063"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=248062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=248062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=248062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}