Crypto markets steadily rose in Asian morning hours Thursday after a sell-off the night before as Fed chair Jerome Powell dashed hopes of early rate cuts as global markets reel from the impact of newly-levied U.S. tariffs.
Bitcoin (BTC) added 2% in the past 24 hours, data from CoinGecko shows, touching nearly $84,500. Ether (ETH), XRP, dogecoin (DOGE) and BNB Chain’s BNB added between 1%-3%, with Solana’s SOL leading at 6%.
Down the pecking order, Hyperliquid’s HYPE surged 8.5% to lead gains among midcaps on no immediate catalyst. Celestia’s TIA dumped 4% to lead losses, as selling pressure on tokens with a long unlock schedule is increasing following Mantra DAO’s nosedive earlier this week.
Powell mentioned that the Fed needed more time to see the effects of tariffs play out in the global economy. The same is likely to be true of the economic effects, which will include higher inflation and slower growth, hinting at “stagflation” — a throwback to a sizable portion of the 1970s when the U.S. experienced weak economic activity alongside double-digit inflation.
“Traders had been hoping for the Fed to come in with early rate cuts to bolster markets, but it looks like that’s not going to happen anytime soon,” Jeff Mei, COO at BTSE, told CoinDesk in a Telegram message. “In the short term, we expect Bitcoin to continue to trade in the $80,000 – $90,000 range until we see more clarity on tariff negotiations and rate cuts.”
Elsewhere, Augustine Fan, head of insights at SignalPlus, said that Powell’s remarks disappointed doves by stressing their focus on protecting against tariff-driven price hikes from driving a long-term rise in inflation expectations.
“Crypto traded water for the most part, though technicals remain more constructive in the near term as long as BTC can hold above 81k, with markets focused on details on Trump’s 1st trade deal when it arrives, as well as the corporate earnings season kicking into high gear starting next week,” Fan said.
Meanwhile, here’s the technical analysis and patterns spotted by machines in the market today.
SOL Price Analysis
- SOL experienced a 14.5% price surge from $119.58 to $136.01 between April 11-14, followed by a notable correction.
- The overall range of $16.42 represents a 13.7% volatility span.
- After reaching peak volume during the April 12-13 rally, momentum indicators show weakening buying pressure.
- SOL has established a descending resistance trendline from the $136 high.
- Support has formed around $126-$127, with the 50-hour moving average acting as dynamic resistance.
- Recent price action suggests consolidation after the rally, with lower highs indicating potential further downside if the $125.67 support breaks.
XRP Price Analysis
- Recent volatility suggests XRP may be coiling for a significant move as it tests critical support levels following dramatic price swings.
- XRP experienced a dramatic price surge on April 12-13, climbing from $2.00 to a peak of $2.24 (11.7% range), driven by exceptional volume exceeding 240M during the breakout hour.
- The rally established strong resistance at $2.18-$2.24, while forming support at $2.08-$2.10.
- Recent price action shows a bearish reversal pattern with declining momentum as XRP retraced to $2.09, settling into a consolidation phase.
- The 48-hour Fibonacci retracement indicates the price has pulled back to the 61.8% level, suggesting potential stabilization, though declining volumes and the failure to hold above $2.15 signal caution for bulls in the near term.
ETH Price Analysis
- Ether experienced significant price volatility with a 7.8% overall range ($119.72) between $1,546.87 and $1,666.50.
- The 48-hour analysis reveals a bearish reversal pattern as ETH failed to sustain momentum after reaching $1,690.16, subsequently forming a double top before declining sharply.
- Volume analysis shows heightened trading activity during downward movements, particularly during the April 14th selloff where volume exceeded 500,000 units, indicating strong selling pressure.
- The 50-hour moving average around $1,625 now serves as immediate resistance, with key support established at $1,585-$1,590.
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