Bitcoin reclaimed $80,000 on Thursday, reaching an intraday high of $80,270.69, up 2.9% over the past 24 hours. This rally coincided with easing expectations of Federal Reserve rate hikes, as risk assets strengthened across global markets.
U.S. data boosts risk appetite
The U.S. ISM Services PMI came in at 55.4, above the market expectation of 54.3, indicating that the U.S. economy continues to expand. Following the data release, concerns about further monetary tightening eased in the markets.
Short positions were quickly squeezed out.
After Bitcoin rose, Ethereum also reclaimed $2,450. Approximately $86 million in short positions were liquidated within one hour, accelerating this upward move.
- XRP rose 5.9% to $1.44
- BNB rose 4.3% to $721.52
- Solana rose 4.0% to $104.11.
The market continues to focus on inflation data.
Traders are currently focused on the U.S. inflation report on September 11. Following recent CPI releases, markets often experience significant volatility first; the overall price movement is typically watched more closely than the single data point itself.