Bitcoin Defies Expectations with Record Surge Past $80,000

The past week was marked by significant events that could have had a major impact on the cryptocurrency market. However, despite a rate hike from the US Federal Reserve and the Bank of Japan, Bitcoin (BTC) managed to surge past $80,000.

The week began with the release of US CPI data, which confirmed persistent inflation. As a result, experts predicted a rate hike by the Fed on September 16. The day before, BTC jumped from $77,000 to $76,000 before suddenly skyrocketing to $79,800 and being rejected.

After this initial volatility, the market calmed down over the weekend with BTC trading sideways at around $77,000. On Monday, it dipped to $76,400, but bulls took control and drove it back up to $79,600 ahead of the key CLARITY Act vote. However, when the Senate rejected cloture to advance the bill, BTC plummeted to a three-week low of $75,000.

Despite this setback, the Fed's rate hike on September 16 had a more modest impact on BTC, which slipped to $75,000 initially but then rose to over $76,000 within minutes. The next day, Thursday, saw a gradual climb in price, and by Friday, BTC had reclaimed $78,000 during the morning trading session.

US trading hours brought another leg up for BTC, which rocketed to a two-week peak of $81,000 before being stopped. This means that despite all major events going against it, BTC ended the week in the green.