Bitcoin Defies Expectations with Resilient Recovery

Bitcoin has shrugged off two major setbacks: the Federal Reserve's interest rate hike and the failure of the CLARITY Act in the US Senate. The Fed raised rates by 25 basis points last week, taking the target range to 3.75%-4.00%. Meanwhile, the Senate failed to advance the CLARITY Act, which would have provided a regulatory framework for the crypto industry.

Despite these negative developments, Bitcoin has recovered above $80,000 and is now testing key daily resistance around $82,000. This price action suggests that Bitcoin may be becoming less sensitive to macro headlines in a simple, one-directional way.

The article notes that while the Fed rate hike was largely expected, it's also possible that the crypto market has developed its own dynamics, independent of traditional macro drivers. The author cautions against saying that the Fed no longer matters for Bitcoin, but suggests that the relationship between macro and crypto may be becoming less consistent.

Looking ahead, the $82,000 level is in focus as a potential stronger upside move for Bitcoin, which could extend towards its highest levels since January.