On Thursday, Bitcoin’s price rose by 2% following Jerome Powell’s comments against early rate cuts in response to new U.S. tariffs. Solana led the market surge with a 6% increase. Technical analyses suggest varying trends for SOL, XRP, and Ether, indicating potential stabilization or caution in the face of market volatility.
In the Asian morning hours on Thursday, the cryptocurrency market witnessed a rebound after a previous sell-off, with Bitcoin (BTC) rising by 2% and Solana (SOL) leading with a notable 6% increase. This market shift occurred after U.S. Federal Reserve Chair Jerome Powell signalled that early rate cuts would not be forthcoming, attributing this decision to the need to evaluate the impact of newly imposed tariffs on the global economy.
Bitcoin’s price approached approximately $84,500, while other cryptocurrencies such as Ether (ETH), XRP, dogecoin (DOGE), and BNB experienced gains ranging from 1% to 3%. Notably, Hyperliquid’s HYPE showcased significant growth, surging by 8.5% among mid-cap tokens, while Celestia’s TIA faced a decline of 4%, influenced by increased selling pressure related to tokens with extended unlock schedules.
Powell’s remarks have led to expectations of prolonged economic stagnation combined with rising inflation—a scenario reminiscent of the stagflation period in the 1970s. Market analysts, including Jeff Mei from BTSE, anticipate Bitcoin will likely trade between $80,000 and $90,000 until further clarity emerges regarding tariff discussions and potential rate adjustments.
Augustine Fan from SignalPlus elaborated that Powell’s statements disappointed market optimists, emphasising a focus on controlling long-term inflation expectations driven by tariff-induced price hikes. Although the market experienced minimal movement, it remains technically constructive as long as Bitcoin remains above $81,000.
Technical analyses reveal that SOL experienced a sharp rise of 14.5% before a correction, establishing resistance following its peak at $136. With support levels forming around $126-$127, recent trading indicates a phase of consolidation, suggesting potential downward movement if this support is breached.
XRP observed price volatility and is currently at critical support levels after its price surged significantly on April 12-13. This surge saw XRP climbing to a peak of $2.24 but has since retraced to approximately $2.09, indicating a bearish reversal. Despite the potential for stabilization, caution is advised as the price struggles to maintain its positions above $2.15.
Ether displayed fluctuating price dynamics, with its overall range reaching 7.8%. However, following a sharp decline after hitting $1,690.16, a bearish reversal pattern has formed, illustrating a struggle to gain upward momentum. The immediate resistance now stands at around $1,625 with support levels situated between $1,585 and $1,590.
