Bitcoin Surges Above $80k as Relief Rally Takes Hold

The price of Bitcoin surged above $80,000 on September 18, marking a significant rebound in the cryptocurrency's value. This move came hours before weak US economic figures were released, which could have provided an argument against further monetary tightening.

The advance was already underway in European trading, with Dow Jones reporting Bitcoin at $78,309, up 2.3% by early morning. The relief rally was linked to Thursday's technology-led recovery, according to the report.

A weaker yen also contributed to the rise in Bitcoin's price, as the Bank of Japan announced a 1.25% overnight call-rate target, up from 1%. This decision was consistent with expectations and did not come as a shock to markets.

The US policy backdrop remained restrictive, with the Federal Reserve's quarter-point rate hike on Wednesday still in effect. However, the weak economic data released later that day could reduce the case for additional tightening.