Bitcoin neared $81,000 on Wednesday morning ahead of the Federal Reserve’s rate decision, climbing nearly 2% as traders braced for the announcement later in the day. The move clawed back the weekend’s slip to nearly $79,000, while major cryptocurrencies broadly advanced alongside it.
Bitcoin (Credits: CoinDesk)
According to CoinDesk data, the rally was led by ZEC, which jumped 8% to about $1,320, putting it back above $1,300 after Monday’s selloff. HYPE added nearly 5% to about $81, while XRP and DOGE rose roughly 3% each.
Bitcoin Nears $81,000 Ahead of Fed Decision
Ether gained 2% to just above $2,350 and SOL climbed about 2% to $102, with BNB up 1% and TRX lagging with a gain of less than 1%. Majors outpaced bitcoin across the board as tech stocks extended their climb, CoinDesk reported.
The bounce came a day after Galaxy told investors that now is the time to accumulate bitcoin. In a note, Galaxy’s head of firmwide research Alex Thorn argued that the bear market likely ended in June and that bitcoin has entered an accumulation phase that has historically preceded rallies.
What Traders Are Watching Next for Bitcoin
Thorn pointed to bitcoin’s move back above its 50-week moving average — the average of its last 50 weekly closes, used by traders to judge the longer-term trend — along with lighter selling pressure and rising US debt. He said the bottom likely came in June, when bitcoin traded under $58,000.
Traders are now watching for signals of a December rate increase, while a daily bitcoin close above $82,500 could indicate that the recovery is gaining momentum, according to the report. With the Fed decision due later on Wednesday, the next few sessions could set the tone for the rest of the quarter.
This article reports market data and analyst views as published by CoinDesk. It is not financial advice.
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Source: CoinDesk — read the full story there.
