Bitcoin Surges Above $80,000 as Fed Rate Hike Expectations Eased

Bitcoin's price has surged above $80,000 on Thursday, up 2.9% over the past 24 hours.

The rally was triggered by easing Federal Reserve rate hike expectations and stronger-than-expected US economic data, including the ISM Services PMI coming in at 55.4, well above the forecasted 54.3.

Technical analysts had flagged a 'coiling' setup ahead of the move, with resistance around $79,500 and support near $76,700.

Altcoins are also rallying alongside Bitcoin, with XRP up 5.9%, Zcash surging 7.7%, and BNB climbing 4.3%.