Bitcoin Tumbles Below $80K as Goldman Sachs Expects September Rate Hike

Goldman Sachs has revised its monetary outlook, predicting a Federal Reserve rate hike of 25 basis points in September. This shift follows stronger-than-expected core inflation data for August and increases the probability of a rate hike to nearly 90%, according to CME FedWatch.

The change in expectations has affected Bitcoin's price, which is currently trading below $80,000 as market attention focuses on the upcoming Federal Open Market Committee (FOMC) meeting.

Technical signals for Bitcoin remain mixed, leaving investors cautious as they await clearer guidance from the Fed's decision. The uncertainty surrounding future monetary policy has put pressure on major cryptocurrencies like Bitcoin, Ethereum, and XRP.