Crypto
Bitcoin Price Surges Above $80,000 on Waller's Rate Hike Comments
Bitcoin's price surged to over $80,000 on September 3 after Federal Reserve Governor Christopher Waller cooled expectations for a September rate hike.
The news sent Bitcoin above its daily resistance zone of $81,000 to $82,500, and analyst Franklin identified $83,450 as the next level to watch if buyers defend the breakout.
A strong momentum is building up, with the daily relative strength index (RSI) standing at 72.31, above the 70 level normally associated with overbought conditions.
However, an overbought RSI does not guarantee an immediate reversal, and profit-taking cannot be ruled out if Bitcoin fails to establish support above $80,000.