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The bitcoin price has jumped nearly 5% above $80,000 as Fed relief, Treasury liquidity and ETF inflows revive forecasts of $83,000 to $100,000.
The Bitcoin to US Dollar (BTC/USD) exchange rate surged from around $77,000 to an intraday high of $81,316 on Thursday.
BTC/USD was trading near $80,968 at the time of writing, up 4.8% on the day and close to a four-month high.
Bitcoin accelerated through $80,000 during the US session, with buyers retaining most of the gain after the initial breakout.
Liquidity and Fed Relief Drive Bitcoin Rally
Risk appetite improved after Federal Reserve Governor Christopher Waller indicated that he could support leaving interest rates unchanged in September.
The rally also extended the liquidity-driven advance sparked by the US Treasury’s decision to increase its purchases of longer-dated bonds.
eToro analyst Simon Peters said: “Recent moves from the US Treasury – that it will double the size of its long-dated bond buybacks and a willingness to use the General Account to support the long end of the bond market – has brought liquidity back into focus, and in turn renewed interest in bitcoin, as historically it has been a key beneficiary of increased market liquidity.”
ETF demand has offered further support, although daily flows remain uneven.
Farside Investors recorded $101.1 million of US spot Bitcoin ETF inflows on 2 September, following a $236.5 million withdrawal the previous day.
Bitcoin gained 25% in August and has recovered sharply from June’s low near $57,900.
It is now approaching the six-month high of $82,752 while trading comfortably above its rising 20-day and 50-day averages.
Bitcoin Forecasts Put $83,000 First
CoinDCX has an $82,000 September base case, an $86,000 bullish target and a $72,279 downside scenario.
Further out, Standard Chartered’s Geoff Kendrick maintains a $100,000 end-2026 forecast.
Bernstein expects Bitcoin to reach $125,000 late in 2026 and $150,000 by mid-2027.
The immediate resistance area lies between $81,300 and $83,000.
A sustained break would bring $86,000 and then $90,000 into view, while a retreat below $80,000 would expose $77,300 and $75,600.
ETF flows, US employment data and shifting Fed expectations will decide whether this breakout holds.
Source: www.exchangerates.org.uk