bitcoinFeature
Bitcoin nears $81,000, ZEC jumps 8% ahead of Fed decision
ZEC surged 8%, climbing to roughly $1,320, putting it back above the $1,300 mark following Monday's selloff.
Reported by 2 outlets · CoinDesk · Decrypt
Bitcoin nudged close to $81,000, rising nearly 2% as Asian morning hours approached, regaining some of the nearly $79,000 it lost over the weekend while traders awaited the Federal Reserve’s rate announcement.
Galaxy noted that the crypto's bear market likely concluded in June, suggesting the asset has entered an accumulation phase that historically precedes rallies.
Traders are intently watching for signs of a December rate increase, though a daily close for Bitcoin above $82,500 could signal that the market recovery is gaining traction.
Other majors saw movement: HYPE gained almost 5% to approximately $81, XRP and DOGE rose around 3%, ether appreciated by 2% to just over $2,350, and SOL climbed about 2% to $102, according to CoinDesk data.
The upward swing followed Galaxy's assertion that the opportune moment to accumulate bitcoin was present, with Alex Thorn, head of firmwide research at Galaxy, stating, “We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance.”
This research pointed to the bottom occurring in June, when bitcoin traded below $58,000, citing bitcoin’s move above its 50-week moving average, alongside reduced selling pressure and rising U.S. debt.
Meanwhile, analysts pointed to broader market factors, noting that a sell-off in AI stocks and ETF outflows weighed on risk assets, with Tim Sun of HashKey flagging $75,000 as a crucial support level should prices fall further.
Why it matters
Market sentiment is heavily tied to the upcoming Fed decision, as any hint of a December rate hike could pressure risk assets like crypto. Traders are watching for Bitcoin to close above $82,500 to confirm recovery momentum. This volatility underscores the immediate impact of macro events on crypto pricing.
