Bitcoin reverses losses seen after Fed rate hike; set to gain 2% this week

Bitcoin (BTC-USD) climbed over 4% on Friday, rebounding from earlier losses seen soon after the U.S. Federal Reserve hiked rates, and is on track to end the week ~2% higher.The top cryptocurrency rose to over $21.2K on Friday, its highest since Sept.U.S. stocks also moved higher as investors looked past an unexpectedly strong jobs report, indicating that the labor market is softening but has not reached the point where the Fed could consider slowing its rate-hiking campaign.Bitcoin (BTC-USD) slid on Wednesday after the Fed raised its benchmark rate by 75 bps and indicated it's not done tightening policy yet."The Fed failed to deliver the much-awaited pivot. We continue to assume another 75 bps hike in Dec. because we don't think the labor market and inflation data will slow sufficiently to justify a downshift," said Jefferies economist Aneta Markowska.The Bank of England also raised rates by 75 bps on Thursday in its largest hike since 1989.The world's largest digital token by market cap (BTC-USD) gained 4.2% to $21.08K at 4.42 pm ET, while Ethereum (ETH-USD) rose 6.6% to $1.64K. Bitcoin (BTC-USD) is slowly making its way towards overbought territory, with its RSI at 66.6. SA contributor Florian Grummes said correction in bitcoin (BTC-USD) prices has slowed and there is some chance for a small recovery towards ~$25K. But he does not expect any new attack on $18K support level till 2023.In a note earlier this week, Jefferies an...