Bitcoin Approaches $65,000 as Cooling Economic Data Offsets Hawkish Fed Tone

Bitcoin pushed toward $65,000 on Thursday, holding steady through a hawkish Federal Reserve decision, renewed oil price spikes and a semiconductor sector firmly in bear market territory, as softer economic data eased concerns about a potential September rate hike.

Bitcoin held firm even as oil prices approached $91 and chip stocks fell more than 14% over five sessions, according to analysts. While some describe this steadiness as genuine resilience, others caution it may simply reflect thinning summer trading volume rather than underlying strength.

Fed Holds Rates, But Data Complicates the Message

The Federal Reserve kept its benchmark rate unchanged in a 9-3 vote, with Chair Kevin Warsh striking a hawkish tone by emphasizing there is no soft inflation target. However, data released Thursday showed core inflation and GDP growth both coming in below expectations, while jobless claims ticked slightly higher, suggesting a broadly cooling economy that runs counter to arguments for further tightening.

Altcoins Show Mixed Performance

Ether outperformed other major tokens, climbing back above $1,900, while XRP and Solana remained lower for the week overall, reflecting a broader pattern of capital favoring larger, institutionally-held assets during the current period of thin liquidity.