Bitcoin Defies Rate Hike Fears with Whale Buying

Bitcoin's price remains steady near $75,000 despite growing fears of a Federal Reserve rate hike. Stronger-than-expected core inflation data for August has prompted major financial institutions to price in a 25 basis point interest rate increase next week.

The US inflation rate rose 0.4% in August, keeping the annual inflation rate at 3.4%. This development has increased bearish sentiment on Bitcoin, with traders reducing long positions.

However, significant whale accumulation of Bitcoin at around $79,400 suggests strong confidence among large holders. This buying activity amid bearish macro conditions could create a bear trap, potentially fueling a price rally if Bitcoin maintains support near $75,000.