Bitcoin Surges Past $80,000 on Dovish Fed Comments

Bitcoin has surpassed $80,000 on Friday, maintaining its risk-on sentiment as the broader cryptocurrency market continues to thrive. This comes after US Fed Governor Christopher Waller signaled support for a potential pause in interest rates on Thursday, lowering the odds of a September rate hike to 50%.

The dovish comments from Waller have had a positive impact on Bitcoin's price, which has been steadily rising over the past day. With a 5% increase yesterday, Bitcoin is now trading above $80,762 at press time, maintaining its bullish near-term bias.

According to technical analysis, Bitcoin's current price is advancing towards the 78.6% Fibonacci retracement of the latest downswing from $97,924 to $57,800 at $87,476. A confirmed breakout above this zone could target the previous swing high at $97,924.