Bitcoin Tops $81,000 as Traders Await Fed Decision
Bitcoin climbed about 2% to above $81,000 in Wednesday’s Asian trading, recovering from a weekend dip near $79,000 and Monday’s move below $80,000. Major cryptocurrencies also advanced ahead of the Federal Reserve’s rate decision. HYPE rose nearly 6%, ZEC gained 5%, DOGE added 4%, and BNB and SOL each climbed about 3%; ETH, XRP and TRX also rose. Earlier trading saw ZEC up as much as 8% and HYPE nearly 5%.
Traders are watching Fed Chair Kevin Warsh’s press conference for clues about a possible December rate hike. Higher interest rates can pressure Bitcoin and other risk assets by raising borrowing costs. Galaxy Research head Alex Thorn said Bitcoin’s bear market likely ended in June, when it fell below $58,000, citing its move above the 50-week moving average and lighter selling pressure. He described the current phase as accumulation, though Bitcoin has struggled to hold above $80,000. A daily close above $82,500 could signal stronger recovery momentum; Fed guidance remains a key near-term catalyst for Bitcoin and the wider crypto market.
Neutral
Bitcoin’s move above $81,000 and the broad crypto rally offer a positive short-term signal, while Thorn’s view that the bear market has ended and that accumulation is under way may support longer-term confidence. However, Bitcoin has struggled to hold above $80,000, and the market is awaiting Fed guidance on rates. A more hawkish outlook or signs of a December hike could weigh on Bitcoin by tightening financial conditions; a less hawkish tone could sustain risk appetite. Traders may therefore react sharply to the press conference, while a daily close above $82,500 would provide a clearer technical sign of recovery. With the price action constructive but confirmation and macro clarity still lacking, the overall impact on Bitcoin is neutral.