Bitcoin prepares for what promises to be a tense week of rate hikes, earnings and more as BTC fails to reclaim crucial trendline.
Bitcoin (BTC) enters a new week with a question mark over the fate of the market ahead of another key United States monetary policy decision.After sealing a successful weekly close — its highest since mid-June — BTC/USD is much more cautious as the Federal Reserve prepares to hike benchmark interest rates to fight inflation.While many hoped that the pair could exit its recent trading range and continue higher, the weight of the Fed is clearly visible as the week gets underway, adding pressure to an already fragile risk asset scene.That fragility is also showing in Bitcoin’s network fundamentals as miner strain becomes real and the true cost of mining through the bear market shows.At the same time, there are encouraging signs from some on-chain metrics, with long-term investors still refusing to give in.Cointelegraph takes a look at the week’s possible market movers in a tense week for crypto, equities and more.Fed to decide on next rate hike in "another fun" weekThe story of the week, all things being equal, is no doubt the Federal Reserve rate hike.