Bitcoin drifts below $88,500 as investors rotate into gold and silver ahead of Fed and tech earnings
Bitcoin remained under $88,500 early this week, alongside most major cryptocurrencies, as investors favored gold and silver ahead of a pivotal stretch for global markets, including the Federal Reserve’s policy decision and a heavy slate of Big Tech earnings.
BTC traded near $88,400 during Asian hours, modestly lower on the day and down roughly 4% over the past week, according to CoinDesk data. Ether (ETH) hovered around $2,940, while Solana (SOL) at $125.87, XRP at $1.91, and Dogecoin (DOGE) at $0.1244 posted small declines, reflecting a cautious tone across crypto markets.
Precious metals outperformed, though with volatile swings. Silver retraced some of its gains after posting its sharpest daily jump since 2008, while gold briefly topped $5,000 an ounce before pulling back. Silver still closed Monday up 0.6% after a 14% intraday surge—the largest one-day move since the global financial crisis—highlighting ongoing demand amid macro uncertainty.
Cryptocurrencies have struggled to keep pace with broader macro trends. Bitcoin remains well below its October peak despite falling real yields, a weaker dollar, and rising geopolitical uncertainty that have supported equities and precious metals. “Cryptocurrencies remain a lagging class of risk-sensitive assets, underperforming metals and the strongest global currencies,” said Alex Kuptsikevich, chief market analyst at FxPro. He added that BTC remains below key moving averages and has yet to test support from the last two months.
Looking ahead, the Federal Reserve is expected to hold rates steady at Wednesday’s policy meeting, while earnings from several Magnificent Seven companies will test whether the AI-driven equity rally can continue. Both events could drive shifts in risk appetite and influence crypto markets.
For now, bitcoin remains range-bound near $88,400, drifting lower as investors await clearer guidance from the Fed and Big Tech results.
