Bitcoin Breaks Above $80,000 as Fed Rate Fears Ease

Bitcoin's price surged above $80,762 after a 5% gain in the previous session, maintaining its bullish near-term structure. This rally comes as Federal Reserve Governor Christopher Waller's dovish comments reduced the perceived likelihood of a September rate hike from nearly 70% to 50%. The comments indicated that if August inflation data points to easing price pressures, he could support a pause in interest rate increases.

The move higher leaves Bitcoin comfortably above its 50-, 100-, and 200-day Exponential Moving Averages (EMAs), which are clustered between roughly $69,700 and $72,500. The Relative Strength Index (RSI) is holding near 71, placing it in overbought territory, while the Moving Average Convergence Divergence (MACD) indicator remains in positive territory with a modestly expanding histogram.

Zcash (ZEC) and Ethena (ENA) continue to outperform, with ZEC recently hitting a record $979. ENA is holding above $0.1600 after a 12% rise in the preceding session. The tokens are trading comfortably above their respective 50-, 100-, and 200-day EMAs.