Bitcoin Defies Expectations as Interest Rate Hike Looms
Bitcoin's price surged to $86,562 on September 22, marking a 6.64% increase and its highest level in recent weeks.
The rally comes as market expectations of an interest rate hike from the Federal Reserve remain strong, with a 56.5% probability of a 25-basis-point increase at the October meeting.
However, despite traditional wisdom suggesting that higher interest rates would weigh on Bitcoin's price, the cryptocurrency appears to be defying expectations.
The European Central Bank's (ECB) launch of a new service linking its payment infrastructure with blockchain-based financial markets has also contributed to growing confidence in the sector.
From a technical perspective, Bitcoin is currently testing a significant resistance zone around $86,295, which could either reinforce bullish momentum or trigger a rejection if macroeconomic and regulatory fundamentals fail to support the asset.