Bitcoin and the dollar are once again playing an interesting game. I especially noticed this week: while the dollar records its strongest weekly gain in a year, Bitcoin is facing headwinds. On Saturday, BTC dropped to around $68,000 after briefly being above $74,000 earlier in the week. A typical pattern – the weekly sell-off pushes prices back down.

What concerns me, however, is that on-chain data shows approximately 43 percent of the total Bitcoin supply is currently held at a loss. This means that with every rise, selling pressure increases – people finally want to get out of their positions. That’s why Bitcoin couldn’t hold above $74,000 either. On the other hand, I see an interesting increase in stablecoin inflows: about $1.7 billion in one week. This could be dry powder waiting for the right moment.

The other coins also felt the impact. Ether fell by 4.4 percent, Solana by 4 percent, and BNB and XRP also lost value. But when looking at the week as a whole, it appears less dramatic – Bitcoin is still up over the week, and Ether as well. However, the strong dollar remains the bigger problem. Higher energy costs, persistent inflation, and expectations of delayed interest rate cuts – that’s not a good combination for risk assets like Bitcoin.

The tensions in the Middle East also play a role. Investors seek safety in the dollar, which puts pressure on the entire crypto market. For Bitcoin, it remains a sideways movement between $68,000 and $74,000 – until macroeconomic conditions change.