Fed Rate Hike Odds Surge to 86.5%, Threatening Crypto Rally

With the probability of a 25 bps hike in the Fed's target range from 350-375 to 375-400 surging to 86.5%, Bitcoin, Ethereum, and XRP are bracing for another macroeconomic challenge.

The odds have increased after the latest inflation report revealed that U.S. CPI inflation rose 3.4% in August from a year ago.

Despite this, analysts like Michaël van de Poppe see technicals still leaning towards a continuation higher for Bitcoin, with a significant resistance zone at $90,000-$92,000.