Bitcoin Reclaims $80,000 as Wall Street Bullish Sentiment Soars, Fidelity Declares Bear Market Over

TradingKey - BTC Reclaims $80,000 as Wall Street Backs Bulls and Fidelity Declares the Bear Market Over.

On September 29, Bitcoin (BTC) reclaimed the $80,000 mark and continued to fluctuate at high levels, temporarily trading at $81,079, once again approaching strong resistance at $82,000–$83,000. As the price of BTC rose, its market capitalization climbed to around $1.63 trillion, ranking 14th among global assets and surpassing Tesla (TSLA).

Bitcoin price chart, Source: TradingView

In early September, impacted by expectations of Fed rate hikes and the procedural vote rejection of the Clarity Act, Bitcoin's price continued to fall from an interim high near $82,000, dropping below $7.5 on September 15, representing a cumulative correction of about 9%. As these two major negative factors materialized, Bitcoin's price gradually recovered and rebounded strongly once again.

On September 16 local time, the Federal Reserve announced a 25-basis-point rate hike, and Bitcoin's price rebounded after a brief dip. Subsequently, the U.S. SEC announced an innovation exemption statement on September 17, providing a compliance framework for on-chain trading of traditional securities and tokenized U.S. equities. The boundary between traditional finance (TradFi) and decentralized finance (DeFi) is rapidly blurring, providing Bitcoin with ample long-term compliant capital support.