Fed’s hawkish rate hold keeps pressure on Bitcoin: Analysts

Traders are pricing in a 78% chance of a December rate hike, while analysts say Treasury yields, the US dollar and upcoming inflation data could determine Bitcoin’s next move. Bitcoin could face further headwinds after the US Federal Reserve held interest rates steady while signaling continued concern about inflation, according to market analysts. The Fed voted 10-2 Wednesday to maintain its benchmark interest rate at 3.75% to 4%, with Governor Lisa Cook and Cleveland Fed President Beth Hammack favoring a quarter-point increase. Fed Chair Kevin Warsh acknowledged that inflation remained above the central bank’s 2% target.