Bitcoin nears $81,000 ahead of Fed decision as ZEC jumps 8% — SkimNews
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- Bitcoin rose nearly 2% to just under $81,000 ahead of the Federal Reserve’s rate decision, recovering from a weekend dip to nearly $79,000.
- ZEC jumped 8% to about $1,320, reclaiming the $1,300 level after Monday’s selloff, outpacing all other major cryptocurrencies.
- Galaxy stated that Bitcoin’s bear market likely ended in June, with the cryptocurrency now in an accumulation phase that historically precedes rallies.
- Alex Thorn, head of firmwide research at Galaxy, cited Bitcoin’s move above its 50-week moving average and reduced selling pressure as signals of a bottom forming under $58,000.
- Traders are watching for a daily Bitcoin close above $82,500 as a sign the recovery is gaining momentum, while also monitoring Fed Chair Kevin Warsh’s press conference for hints of a December rate hike.
Why it matters: A sustained move above $82,500 could confirm bullish momentum in Bitcoin just as rising U.S. interest rates threaten risk assets, putting short-term pressure on crypto valuations despite signs of macroeconomic resilience. The timing tests whether on-chain accumulation patterns can outweigh traditional market headwinds.
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