Bitcoin Defies Gravity with Surprising Rally

Bitcoin's recent price surge to $81,610 has left many wondering if it's breaking free from its dollar dependence. This comes after the Federal Reserve raised interest rates by 25 bps on September 25, an event that futures markets had priced with a 93% probability.

The Fed's decision was not the only central bank action in recent days - the Bank of Japan also hiked rates and the dollar index crossed back above 100 for the first time in seven weeks. Oil prices also climbed alongside it, but these developments would typically weigh on risk assets like Bitcoin.

Yet despite absorbing five separate pieces of bad news, Bitcoin remains above where it started the week, up 5.2% over the past week.