Bitcoin Rejected at $85K as Macro Pressure Mounts and FOMC Looms: Weekly Crypto Recap

The Fed has all the information it requires ahead of next week's FOMC meeting: will it hike rates again or experts will be right? It was another interesting week in terms of developments, crypto partnerships, new purchases, and price moves, but the focus has now turned to the Federal Reserve as its next meeting looms. Recall that the previous business week ended with a nosedive that tanked BTC to under $80,000 for the first time in a month. It came on the heels of both the CPI and PPI showing that inflation remains a major concern. Bitcoin managed to regain some traction on Friday afternoon and Saturday, jumping to $82,800. There was a brief flash crash on Saturday evening in crypto as well as AI stock futures, but it was quickly overcome, and BTC tried to regain more traction on Sunday evening and Monday morning. Its attempt took it to $83,000 once again, but the bears continued to have a stronger grip on the market. The primary cryptocurrency finally managed to escape them on Wednesday when it suddenly rocketed to almost $85,000 for the first time in two weeks. After gaining $5,000 from the previous week’s dip to under $80,000, the asset faced another rejection. It slumped by ove...