Despite the Federal Reserve's interest rate hikes, soaring oil prices, and a strong dollar, Bitcoin has only fallen by 1.5% so far in September—historically its weakest month—and is on track for its first quarterly gain in a year. Observers believe Bitcoin's resilience indicates an underlying bullish trend. Mitchell Askew, lead analyst at Blockware Intelligence, noted that Bitcoin's muted reaction to "objectively bearish news" such as the Fed's 25 basis point rate hike and the failure of the Clarity Act to pass, suggests that sellers are exhausted, which is a positive signal for the medium to long term.