Weekly Wrap: Bitcoin Climbs Back Above $80,000

The price of Bitcoin (CRYPTO: $BTC) and other cryptocurrencies strengthened heading into the weekend after a volatile week dominated by an interest rate hike from the U.S. Federal Reserve

On the afternoon of Sept. 18, Bitcoin was up 6% and trading at $80,850 U.S. The largest cryptocurrency had been trading near $75,000 U.S. on the eve of the U.S. interest rate decision on Sept. 16. Other digital assets were gaining strength at week's end, with Ethereum (CRYPTO: $ETH) also up 6% and Solana's (CRYPTO: $SOL) price rising 11%.

It's proving to be a quick recovery for digital assets after the U.S. central bank raised its trendsetting Fed Funds Rate by 25 basis points, its first hike in three years. Crypto appears to be staging a relief rally as the market welcomes slightly higher interest rates that are used to dampen inflation.

Also giving a lift to crypto heading into the weekend are declining crude oil prices. After trading nearing $110 U.S. a barrel, Brent crude oil, the international benchmark, was trading at $103.80 U.S. a barrel on Sept. 18. Many analysts say that Bitcoin's price needs to rise above resistance at $80,000 U.S. in order for it to stage a lasting recovery and continue marching higher.