Bitcoin Price Under Pressure as Fed Rate Hike Looms Over Market

The Bitcoin price has been under pressure after the Federal Reserve's September rate increase, with BTC trading at around $82,776-$83,093 on September 30, down 0.9% in the last 24 hours.

The next test for the cryptocurrency market is the August personal consumption expenditures (PCE) inflation report, due to be released later today, which could reinforce higher-for-longer expectations or ease pressure on risk assets if it shows a softer reading.

Institutional flows are providing some support to the market, with U.S. spot Bitcoin ETFs drawing $2.39 billion for the week ending September 26, but this may not be enough to counteract macro strain in the short term.