Bitcoin rose nearly 2% to just below $81,000 during Asian morning hours trading on October 28, recovering part of its weekend decline as investors awaited the Federal Reserve’s interest-rate decision.
The major crypto gains were led by Zcash (ZEC), which climbed 8% to around $1,320. Hyperliquid’s HYPE advanced nearly 5% to $81, while Ether gained 2% to just above $2,350, CoinDesk reported.
The Federal Open Market Committee (FOMC) concludes its two-day meeting Wednesday. The Fed’s calendar schedules the policy announcement for 2 p.m. Eastern, followed by a press conference at 2:30 p.m.
Markets broadly expect rates to be unchanged, Reuters reported. Traders now closely watch whether Fed Chair Kevin Warsh signals a possible December increase.
Important Read: Bitcoin slips below $80,000 ahead of Fed decision as Asian stocks rebound
Galaxy sees Bitcoin accumulation phase
The rebound comes as Galaxy Research argues that Bitcoin’s bear market ended in June.
We think the bear market ended in June, and that Bitcoin is in the accumulation phase that has preceded every prior advance, said Alex Thorn, head of firm wide research at Galaxy.
Thorn cited five consecutive weekly closes above Bitcoin’s 50-week moving average through October 18 and declining activity among long-dormant holders as evidence supporting that view.
Galaxy’s outlook also has limits. Thorn said a weekly close below $76,540, followed by failure to recover within a month, would challenge its bullish assessment.
Sign up on WEEX and roll for a chance to win a share of the $1,000,000 prize pool.
