BTC rallies past $80K despite fading Fed rate cut hopes

Bitcoin has surpassed $80,000, showing resilience against macroeconomic headwinds even as expectations for a U.S. Federal Reserve rate cut diminish, CoinDesk reported. Recently, British investment bank Barclays and other financial institutions have withdrawn their forecasts for a Fed rate cut, citing rising energy prices and inflation concerns stemming from geopolitical tensions involving Iran. CoinDesk noted that while the prospect of interest rates remaining high is typically bearish for risk assets, Bitcoin is increasingly being treated as an inflation hedge, attracting capital inflows through spot ETFs. The outlet highlighted key technical levels, including a resistance line at $81,500 and a CME gap near $84,000. With the price currently at the upper resistance of an ascending channel, a break above the 200-day moving average of $83,430 is expected to strengthen upward momentum.