Bitcoin (CRYPTO: BTC) is back above $80,000 after Fed Governor Christopher Waller said he is willing to hold rates steady at the Sep. 15 meeting.
Waller Backs September Rate Hold as Inflation Cools
As Benzinga reported Thursday, Waller told Reuters that he supports holding rates provided August inflation does not surprise to the upside.
“If there is continued progress toward our 2% goal, then I am willing to support holding the policy rate at its current level,” Waller said, adding that a hot inflation print would put a hike back on the table.
His case rests on the three-month core inflation run rate falling from 4.76% in February to 3.05% through July, a pace he called encouraging despite annual PCE still running at 3.3%.
Fed futures currently price in a 51% chance of a September hike according to CME FedWatch, making August CPI the swing input for markets.
Bitcoin Jumps 5% and Challenges $82,207 Resistance
A rate hold removes one of the most immediate headwinds for risk assets. BTC surged 5% to $80,600 Thursday, pushing into the resistance band that has capped price since May.
Moreover, RSI at 71.27 confirms genuine momentum behind the move with the 20-day EMA at $75,164 sitting well below as fresh support.
Key levels for BTC:
- $82,207 — 1.0 Fib resistance, close above opens path to $97,278
- $76,983 — 0.786 Fib, first support on any pullback
Ethereum (CRYPTO: ETH) and XRP (CRYPTO: XRP) are up 4% and 8%, respectively, on the news.
XRP is breaking decisively out of the descending triangle that compressed price for two weeks after August’s spike to $1.70.
RSI at 72.46 matches the sharpest reading since the initial August 19 breakout, with the EMA cluster at $1.37 now flipping to support below.
Key levels for XRP:
- $1.50 — next psychological resistance
- $1.37 — EMA cluster, breakout retest support
Image: Shutterstock
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