Bitcoin Climbs Above $81,000 as Major Cryptocurrencies Rally Ahead of Federal Reserve Decision
Bitcoin climbed above $81,000 during Asian morning hours as major cryptocurrencies rallied ahead of the Federal Reserve’s rate decision.
Bitcoin Climbs Above $81,000 as Major Cryptocurrencies Rally Ahead of Federal Reserve Decision
Bitcoin climbed above $81,000 during Asian morning hours as major cryptocurrencies rallied ahead of the Federal Reserve's rate decision.
Bitcoin Climbs Above $81,000 Amid Market Recovery
Bitcoin climbed above $81,000 during Asian morning hours, building on a recovery from an earlier dip below the $80,000 threshold. According to CoinDesk data, the leading cryptocurrency rose about 2% as market participants positioned themselves ahead of the Federal Reserve's crucial interest-rate decision.
This positive movement marked a notable shift from earlier in the week when selling pressure hit nearly every major token. During that previous downturn, bitcoin had slipped under $80,000 for the first time in over a week, causing temporary anxiety across the broader digital asset sector.
Altcoins and Major Tokens Join the Rally
The broader cryptocurrency market mirrored bitcoin's recovery with widespread gains across major altcoins. Assets such as HYPE, ZEC, DOGE, BNB, SOL, ether, and XRP all posted positive movements during the Asian trading session.
In addition to spot market recoveries, institutional products also showed signs of renewed interest. U.S. spot Bitcoin ETFs recorded consecutive days of inflows, drawing $176 million on Tuesday and contributing to a total of $286 million over two days according to reports.
Galaxy Research and the Federal Reserve Outlook
Market sentiment received a boost following a note from Galaxy released on Tuesday, which suggested that the recent bear market likely concluded in June when bitcoin traded under $58,000. Alex Thorn, Galaxy's head of firmwide research, pointed to metrics such as the 50-week moving average and rising U.S. debt as indicators of a shifting accumulation phase.
Despite the optimism, traders remain cautious as they await Federal Reserve Chair Kevin Warsh's upcoming press conference. Market participants will be listening closely for any hints regarding a potential December rate hike, an outcome that typically introduces higher borrowing costs and draws capital away from riskier asset classes like cryptocurrency.
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