Bitcoin Surges Past $80,000 as Fed's Waller Backs Rate Hold

Bitcoin surged to over $80,000 after Fed Governor Christopher Waller expressed support for holding interest rates steady at the September meeting. In an interview, Waller stated that he is 'willing to support' keeping rates unchanged if inflation continues to cool down.

The three-month core inflation run rate has fallen from 4.76% in February to 3.05% through July, a pace Waller considers encouraging despite the annual PCE still running at 3.3%. A rate hold would remove one of the major headwinds for risk assets.

Bitcoin jumped 5% to $80,600 on the news, pushing into the resistance band that has capped price since May. Ethereum and XRP also rallied, up 4% and 8%, respectively.

XRP broke decisively out of a descending triangle that had compressed its price for two weeks after August's spike to $1.70. The relative strength index (RSI) at 72.46 matches the sharpest reading since the initial August 19 breakout, with the EMA cluster now flipping to support below.

Bitcoin's key levels include $82,207 resistance and $76,983 as first support on any pullback. XRP's next psychological resistance is at $1.50, while its EMA cluster sits at $1.37.