Bitcoin Soars Above $80,000 on Easing Rate Hike Expectations

Bitcoin's price rebounded above $80,000 on Thursday, reaching $80,270.69 and increasing by 2.9% in the past 24 hours.

The rally was fueled by the Federal Reserve's easing of rate hike expectations, which lifted risk assets across markets.

Easing inflation concerns led to a stronger-than-expected US economic data release, with the ISM Services PMI coming in at 55.4, well above the forecasted 54.3.

Technical analysts had predicted this move, describing Bitcoin's market as 'coiling' ahead of a potential breakout.