Bitcoin climbed nearly 2% to just under $81,000 as of Wednesday morning in Asia, recovering from the weekend’s dip to nearly $79,000 as traders prepared for the Federal Reserve’s rate decision later in the day. ZEC led the majors, increasing by 8% to approximately $1,320, thereby reclaiming the $1,300 threshold following Monday’s selloff. HYPE increased by nearly 5% to approximately $81. XRP and DOGE experienced a rise of roughly 3%, while ether advanced by 2% to just above $2,350, and SOL saw an increase of about 2% to $102.
BNB experienced an increase of 1%, while TRX underperformed with a gain of less than 1%, as reported. “We think the bear market ended in June and that bitcoin is in the accumulation phase that has preceded every prior advance,” Alex Thorn said in the note. Thorn indicated that the trough likely occurred in June, when bitcoin was priced below $58,000. He highlighted bitcoin’s resurgence above its 50-week moving average – the mean of its last 50 weekly closes, which traders utilise to assess the longer-term trend – coupled with diminished selling pressure and increasing U.S. debt.
That represents a bold assertion for a market that has faced challenges in maintaining the $80,000 threshold. Traders will be attentive to Fed Chair Kevin Warsh’s press conference for any indications regarding a potential rate hike in December. A hike would increase the cost of borrowing and typically leads to a withdrawal of capital from riskier assets such as cryptocurrency.
