Bitcoin Bounces, but Fed and Inflation Data Loom

From a very precarious position at $79,400, the Bitcoin bulls were able to stage a recovery and push the $BTC price back above $81K. The Fed is expected to hold rates steady at the FOMC meeting, but if Fed Chair Warsh is hawkish, and if PCE data comes in hot, this could derail further gains for Bitcoin. The short-term 4-hour chart reveals that the descending channel is still holding the price within. The $BTC price got all the way down to the bottom of the channel and looked precarious for a while.