Bitcoin Pushes Past $79K Amid Fed Meeting Anticipation
Bitcoin's price has pushed past $79K as markets wait for the Federal Reserve's upcoming meeting, but analysts at QCP say strategy remains unchanged.
The broader crypto market is bracing for a closely watched week of policymaker announcements, with markets having largely priced in a 25-basis-point rate increase after last week's inflation data release.
US headline CPI rose 0.4% MoM in August, while annual inflation remained at 3.4%, and core CPI increased 0.3% MoM above the consensus expectation of 0.2%, though the annual core rate eased to 2.4%.
QCP analysts believe that Bitcoin's initial decline to $76,700 after the inflation data release suggests the market has absorbed expectations for a rate increase, and now the focus is on how policymakers communicate their outlook for future rate moves.