Bitcoin Surges Above $80K as Rate Hike Expectations Plummet

Bitcoin (BTC) has surged above $80,000 after a 5% rally in the previous session. This comes as risk sentiment improved following comments from U.S. Federal Governor Christopher Waller, who suggested he could be inclined not to lift borrowing rates at the central bank's September meeting if August inflation data suggests easing price pressures.

The market has lowered the odds of a September rate hike from almost 70% earlier this week to 50% as attention turns to next week's inflation data and today's nonfarm payroll report. Expectations are for 56,000 jobs to be added in August after 23,000 jobs were lost in July.

Bitcoin has entered consolidation mode over the past few weeks, trading around the $80,000 level. To break above the key resistance zone of $81,000-$82,500, buyers will need to create a higher high and turn attention towards $90,000 and the psychological $100,000 level.