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The larger<a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow"> cryptocurrency market</a> rebounds, the price of bitcoin has risen by around 9% in the previous few hours.It is still running strong and has recently surpassed the $21K mark. In the previous hour, its price went up by almost 1%. By 0.85%, the US dollar index has decreased. One of the main causes of the underperformance of stocks and cryptocurrencies was the strengthening of the dollar. Just a few days ago,<a href="https://www.coingabbar.com/en/crypto-currency-news-english/bitcoin-price-analysis-will-btc-reverse-dollar-levels-rising-parallel-channel-support-line-seen" rel="noopener noreferrer nofollow"> BTC</a> had a 6% one-day decline as the dollar rose. S and P 500 and NASDAQ 100 both had gains. The tech-focused NASDAQ and the general market, with which Bitcoin has a strong correlation, both gained ground.Can The Fed Stop The Rise In Bitcoin Prices?The hawkish position of the Federal Reserve was reinforced. Fed chair Jerome Powell stated that the Fed is in charge of maintaining price stability in the US in his most recent speech at the Cato Institute. He disclosed that the Fed is willing to adopt an aggressive posture to counter the inflationary fighting.Following Powell’s speech, the odds of the Fed raising interest rates by an abnormally significant amount rose. According to Powell, inflation needs to be quickly reduced in addition to being slowed down. If not, people will likely accept the high prices as the new norm. Such an event would be viewed as the worst-case scenario by the Fed.The likelihood of a 75 bps raise is 85%, according to the CME Fed Watch tool. It’s also crucial to remember that the Fed is not expected to change course following the hike. Loretta Mester, the CEO of the Cleveland Federal Reserve, stated recently that she thought the Fed would need to set its target rate at above 400 bps in order to fight inflation. 225–250 bps is the current target rate range.Important Event to Watch ForInvestors will be examining the Consumer Price Index data that will be made public at the FOMC meeting on September 13. Bitcoin could reach new highs thanks to a positive CPI as a 75 bps increase Looks priced in as of September.Get more crypto related updates on :-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow"> https://www.coingabbar.com/en/crypto-news-english</a>

Will the Fed sabotage the rally when Bitcoin price soars as the dollar declines?

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