Bitcoin Rebounds Above $80,000, Eyes $90,000 as Next Target
Bitcoin has reclaimed the $80,000 level despite a Federal Reserve rate hike and a Senate procedural setback for the CLARITY Act. The bill aims to provide market-structure clarity for digital assets.
The benchmark cryptocurrency is trading at around $81,378 on Binance's USDT market, up about 6% from a day earlier. A break above the $81,600-$83,000 range could be key for further gains, according to analysts.
Glassnode said inflows of new liquidity remain insufficient, citing a slowdown in stablecoin market capitalization and net Bitcoin purchases by publicly traded companies. Coinbase Research noted that if Bitcoin establishes itself above $83,000, the chances of a retest of $90,000 would rise, while a break below $70,000 could increase the risk of further declines.
The Federal Reserve raised its benchmark rate by 25 basis points at its September meeting, setting the target range at 3.75% to 4.00%. The Fed's updated dot plot showed that 16 of 18 officials expect another rate increase this year.