Bitcoin’s price rose by 2% to nearly $84,500 on Thursday as the crypto market rebounded after previous declines. Solana led gains with a 6% increase, influenced by comments from Fed Chair Powell on interest rates and tariffs. XRP, ETH, and other cryptocurrencies showed varied movements, with significant technical analysis on SOL, XRP, and ETH signalling different market conditions for investors.
On Thursday, Bitcoin (BTC) experienced a price increase of 2%, approaching the $84,500 mark, reflecting a recovery in the crypto market following a recent sell-off. Solana (SOL) led these gains with a notable 6% rise, aided by investor optimism despite Fed Chair Jerome Powell’s recent comments, which indicated a postponement of early interest rate cuts due to the impact of U.S. tariffs.
Ethereum (ETH), XRP, and other notable cryptocurrencies like Dogecoin (DOGE) and BNB also saw modest gains of 1-3%. Meanwhile, Hyperliquid’s HYPE led the mid-cap surge with an 8.5% increase, while Celestia’s TIA faced a decline of 4% amidst heightened selling pressure on tokens with lengthy unlock schedules, a concern stemming from recent market events.
Powell’s remarks suggested the Federal Reserve requires more time to assess tariffs’ effects on the global economy, hinting at a potential stagflation scenario reminiscent of the 1970s, characterised by weak economic activity and rising inflation. Analysts, including BTSE COO Jeff Mei, suggested Bitcoin may remain within the $80,000 to $90,000 range until clarity on tariff negotiations emerges.
Insights from SignalPlus’s Augustine Fan indicated that technical factors remain constructive, with Bitcoin needing to hold above $81,000 to maintain market stability. The upcoming corporate earnings season and details on trade negotiations will likely influence crypto prices significantly.
In technical analyses, SOL demonstrated a 14.5% rally before experiencing a correction, with key support around $126-$127. XRP exhibited volatility, recently coiling around critical support levels after a significant price surge. The recent price action pointed towards a bearish reversal pattern for XRP, requiring cautious observation from investors.
Ethereum underwent notable volatility, reaching a 7.8% trading range indicative of a bearish reversal post a double-top formation. Support for ETH is anchored at the $1,585-$1,590 range, with the 50-hour moving average now acting as resistance around $1,625, signalling potential instability if downward trends continue.
