Dovish Fed Boosts Bitcoin Above $80K as Rate Hike Odds Plummet to 50%
Bitcoin surged past $80,000 on Friday, following dovish comments from Federal Reserve Governor Christopher Waller. He signaled support for a potential pause in interest rates, which lowered the odds of a September rate hike to 50%. This move fueled Bitcoin's recovery and maintained a bullish near-term bias.
The King Crypto holds above its 50-, 100-, and 200-day Exponential Moving Averages (EMAs), clustering between $69,700 and $72,500. It is advancing toward the 78.6% Fibonacci retracement of the latest downswing from $97,924 to $57,800 at $87,476.
However, the Relative Strength Index (RSI) hovers near 71 in overbought territory, and the Moving Average Convergence Divergence (MACD) remains positive with a mildly expanding histogram. This suggests strong but potentially stretched upside momentum.