Bitcoin (BTC) traded near $82,000 on Friday after buyers erased a two-hour slide below $80,000, while Zcash (ZEC) jumped 8% to lead major cryptocurrencies.
Key Points:
- Bitcoin spent roughly two hours below $80,000 before buyers pushed it back toward $82,500.
- Zcash gained 8% to about $1,190 and led the large-cap market higher.
- Analysts say a move above $84,000 would confirm the recovery ahead of a key Fed speech.
Bitcoin Price Rebound
Thursday's selloff dragged Bitcoin to about $79,800, slicing through a roughly $80,400 floor that buyers had defended twice in the past week. The breach did not last. Within two hours the price bounced back near $82,500, and it held above $81,000 through Friday's Asian session.
Zcash posted the strongest move among the largest tokens, rising 8% to about $1,190 a day after it led the market lower with an 11% drop. Ether (ETH), XRP (XRP) and Solana (SOL) each added about 1%.
Asian stocks followed the same path, and MSCI's Asia Pacific index rose 1.3%. South Korea's Kospi jumped nearly 3% after closing at its lowest level since April, while Samsung Electronics and SK Hynix each gained more than 2%. Taiwan Semiconductor Manufacturing slipped despite an upbeat outlook, as worries over artificial intelligence spending lingered.
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Glassnode Liquidation Warning
Pseudonymous analyst Daan Crypto Trades noted that Bitcoin bounced off the 0.618 Fibonacci retracement and reclaimed $81,500, a level he said it must hold to keep its momentum. He pointed to liquidity above $84,000 as the next test, the zone where Wednesday's post-inflation spike stalled.
Michaël van de Poppe sounded more cautious. He wrote that the failure at $84,000 had shaken his confidence, adding that a drop below $80,000 becomes the likeliest setup if $82,000 turns into resistance.
Glassnode also warned that buying interest beneath $80,000 is thinning, naming the $78,000 realized market mean as the next level to watch.
Traders now turn to Federal Reserve Chair Kevin Warsh, who speaks Friday at the IMF and World Bank meetings in Bangkok, two days after September consumer prices rose 3.7% against a 3.6% forecast. The Fed meets again Oct. 27-28, and the 10-year Treasury yield edged up a basis point to 5.07% on Friday.
Thursday's slip marked Bitcoin's first trade below $80,000 since mid-September. Earlier in the week, the hot inflation report briefly lifted it to nearly $84,000 before it slid to about $80,400 early Thursday, just above the $80,430 low set a week earlier. Over seven days, the price has barely moved.
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