Crypto Overview: Bitcoin clears $80,000 on reduced rate hike odds – Zcash, Ethena rise

Bitcoin (BTC) is trading above $80,000 on Friday, sustaining the broader cryptocurrency market's risk-on sentiment. Federal Reserve (Fed) Governor Christopher Waller signaled support for a potential pause in interest rates on Thursday, lowering the odds of a September rate hike to 50%. Zcash (ZEC) and Ethena (ENA) emerge as top performers over the last 24 hours.

Dovish Fed fuels Bitcoin’s recovery

US Fed Governor Christopher Waller could support a pause in rate hikes to keep the policy rate steady at the September policy meeting if the August inflation data suggest easing pressures, as previously reported by FXStreet. The dovish comments lowered the odds of a rate hike to 50%, from nearly 70% earlier this week. 

Bitcoin trades above $80,762 at press time on Thursday, maintaining a bullish near-term bias after a 5% rise the previous day. The King Crypto holds well above the 50-, 100-, and 200-day Exponential Moving Averages (EMAs), which cluster between roughly $69,700 and $72,500.

The pair is advancing toward the 78.6% Fibonacci retracement of the latest downswing from $97,924 to $57,800 at $87,476. A confirmed breakout above this zone could target the previous swing high at $97,924.

The Relative Strength Index (RSI) hovers near 71 in overbought territory, and the Moving Average Convergence Divergence (MACD) remains positive with a mildly expanding histogram, suggesting strong but potentially stretched upside momentum.

On the downside, initial support is seen at the 50% retracement at $75,233, ahead of a broader demand band defined by the 200-day EMA at $72,493, with the 50- and 100-day EMAs at $71,122 and $69,695 reinforcing the underlying bullish structure.

Zcash and Ethena sustain bullish momentum

Zcash holds steady on Thursday following a 16% surge the previous day to a record high of $979. The privacy coin extends a strong bullish phase as price approaches the $1,000 milestone.

ZEC trades well above the 50-day and 100-day EMAs at $651 and $569, respectively, as well as the longer-term 200-day EMA near $485. The rally has pushed decisively past the previous swing high at $888, targeting the 127.2% Fibonacci extension level at $1,058, measured from $465 to $888. A confirmed breakout above this level could target the 161.8% Fibonacci extension level at $1,322.

The RSI hovers in overbought territory around 74, and the MACD bounces off its signal line, extending its upward trend and suggesting robust but increasingly stretched upside momentum.

On the downside, initial support emerges at the prior Fibonacci anchor around $888, ahead of a dense cluster formed by the 78.6% retracement at $773 and the 50% retracement near $643, which aligns with the 50-day EMA at $651.

Ethena holds firm above $0.1600 at press time on Friday after a 12% rise the previous day. ENA firmly trades above the 50-, 100- and 200-day EMAs at $0.1185, $0.1090, and $0.1279, respectively, underpinning the broader bullish structure.

The 50% retracement level of the $0.2633 to $0.0699 range at $0.1356 has just been reclaimed as a nearby floor, while the 78.6% Fibonacci retracement level at $0.1982 serves as the overhead resistance. A confirmed breakout above $0.1982 could target the previous swing high near $0.2633.

The RSI around 66 and MACD line marginally holding above the signal line hint that upside momentum remains in play, albeit at a more measured pace after the recent surge.

On the downside, initial support is seen at the 50% retracement near $0.1356, followed by the 200-day EMA at roughly $0.1279.

(The technical analysis of this story was written with the help of an AI tool. Know more.)