Bitcoin once again topped $80,000 on Thursday, reaching $80,270.69 during the session, with a 2.9% increase over the past 24 hours. This rise is related to the cooling of expectations for interest rate hikes by the Federal Reserve, as risk assets strengthened across global markets.
U.S. data drives a rebound in risk appetite
The U.S. ISM service sector PMI grew by 55.4, higher than the market's expectation of 54.3, indicating that the U.S. economy is still expanding. After the data was released, concerns about further tightening of monetary policy eased in the market.
Short positions are being quickly squeezed out.
After Bitcoin rose, Ethereum also regained the level of $2,450. Approximately $86 million in short positions were liquidated within 1 hour, which accelerated the speed of this upward movement.
- XRP rose by 5.9% to $1.44
- BNB rose by 4.3% to $721.52
- Solana rose by 4.0%, reaching $104.11
The market continues to focus on inflation data.
Traders are currently focusing on the U.S. inflation report for September 11th. Recently, after the release of CPI, the market often experiences significant fluctuations first, and the price trend itself receives more attention than a single piece of data.
