Bitcoin traded near $79,600 on Thursday morning, about 2% higher than a day earlier but roughly $21,900 below its price a year ago. The cryptocurrency slipped back below $80,000 as oil prices recovered and the Bank of England raised interest rates, according to Bitcoin Magazine Pro data.

Bitcoin changed hands at $79,632 at 8:05 a.m. ET, giving it a market capitalization of about $1.60 trillion. Trading volume over the previous 24 hours was approximately $35.2 billion.

The move retraced part of Wednesday’s rally. Bitcoin held near $80,000 through Wednesday afternoon and remained above that level overnight, reaching just under $80,900 at around 5 p.m. ET. It fell below $80,000 during the 7 a.m. ET hour on Thursday as stock futures turned mixed and oil prices strengthened.

The pullback remains limited compared with the week’s broader price movement. Bitcoin was trading near $75,600 on election night, leaving Thursday’s price more than 5% above that low.

Oil and interest rates shape market conditions

Oil helped drive Wednesday’s relief rally, but prices recovered some of their losses on Thursday. Brent crude futures rose $1.53, or 1.6%, to $96.15 a barrel, while West Texas Intermediate gained 52 cents to reach $88.64. Both benchmarks had fallen more than 8% on Wednesday, settling at their lowest levels since Aug. 31.

“The situation in the Middle East is still unresolved and that’s why there is some modest recovery in prices at the moment,” UBS commodity analyst Giovanni Staunovo said.

Energy prices have been the main channel through which the Iran war has affected inflation and interest rates. Lower crude prices reduce pressure on the Federal Reserve, while a recovery in oil prices can add to that pressure.

The Bank of England highlighted the connection on Thursday. Its Monetary Policy Committee voted 8-1 to increase Bank Rate by a quarter point to 4%, marking the bank’s first rate hike in more than three years. Catherine Mann, the sole dissenting member, supported a half-point increase.

The Bank of England said U.K. inflation is now expected to rise to around 5% by the middle of next year, citing energy prices connected to a conflict that is “now in its ninth month.” CNBC described the Bank of England as the last major central bank to begin tightening since the war started, underscoring that global interest rates continue to move against risk assets. The Bank of England’s monetary policy summary and minutes are available at

Stocks weaken while bitcoin ETF inflows resume

U.S. stock futures were mixed Thursday morning after the Dow recorded its strongest session since April 2025. Dow futures rose 0.5% and S&P 500 futures gained 0.1%, while Nasdaq-100 futures fell about 0.5% as chip and data-center stocks remained under pressure.

Demand for bitcoin funds improved. U.S. spot bitcoin exchange-traded funds recorded net inflows of $74.6 million on Wednesday, ending a three-session period during which outflows totaled about $1.16 billion. Fidelity’s FBTC received $236.7 million, more than offsetting a $201.2 million outflow from BlackRock’s IBIT. ETF flow data is tracked by Farside Investors at

The one-day inflow followed a period of heavier redemptions, so the data provides a current measure of fund demand without resolving whether the broader flow trend has changed.

Miner selling remained a source of supply. Riot Platforms (RIOT) disclosed on Wednesday that it had sold 20,264 bitcoin during the year to fund AI data centers, leaving the company with 2,418 BTC.

Upcoming economic and policy developments

The policy overhang remains. House Democrats are already developing their own market-structure bill, which would give the Securities and Exchange Commission a larger role. The committees overseeing crypto are scheduled to pass to Democrats in January.

The near-term economic calendar includes weekly jobless claims at 8:30 a.m. ET on Thursday, followed by the October jobs report on Friday. October consumer-price data is scheduled for Nov. 10, and the Federal Reserve’s next decision is set for Dec. 9, as outlined in Tuesday’s preview. The jobs and inflation releases will provide fresh readings before that Federal Reserve decision.

Bitcoin remains about 37% below its all-time high near $126,080. At the time of writing, the cryptocurrency was trading near $79,600.

This article first appeared on Bitcoin Magazine and was written by Micah Zimmerman: https://bitcoinmagazine.com/markets/bitcoin-price-trades-near-79600-oil