Bitcoin Blasts Past $80,000 as Fed Hike Fears Ease and US Economy Booms

Bitcoin surged past $80,000 on Thursday, reaching an intraday high of $80,270.69, as easing Federal Reserve rate hike expectations lifted risk assets across markets.

The cryptocurrency's price jumped by 2.9% over the past 24 hours, with Ethereum also climbing back above $2,450.

Stronger-than-expected US economic data supported the rally, with the ISM Services PMI coming in at 55.4, beating forecasts of 54.3 and signaling continued expansion in the American economy.

Technical analysts had flagged a potential breakout ahead of the move, noting that Bitcoin's 4-hour Bollinger Bands had tightened sharply after its recent run from the low $60,000s to above $80,000.