Crypto Price Analysis 1-30: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, ARTIFICIAL SUPERINTELLIGENCE ALLIANCE: FET, ALGORAND: ALGO, OPTIMISM: OP
Bitcoin (BTC) bounced following comments from Federal Reserve Chair Jerome Powell at the FOMC meeting, signaling that banks could serve crypto customers if they comply with risk disclosure requirements. As a result, the crypto market registered notable gains, with BTC up nearly 3% as it crossed the $105,000 mark. BTC has struggled to build momentum, and a move past $105,000 could ignite a move toward a new all-time high.
Ethereum (ETH) is on the verge of pushing above $3,200, with the price currently at $3,197, while Ripple (XRP) is up just over 1% and is trading around $3.12. Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), and Polkadot (DOT) also registered notable gains. The crypto market cap is up nearly 3% and currently sits at $3.56 trillion.
Fed Hints Banks Can Serve Crypto Customers
Markets cheered following comments by Fed Chair Jerome Powell signaling banks could serve crypto customers. Markets had a muted response to the Federal Open Market Committees decision to keep interest rates unchanged. The Fed has maintained rates at 4.25%-4.50%, citing elevated inflation, a decision predicted by most analysts. Bitcoin (BTC) registered a marginal increase following the release of the FOMC meeting minutes, ultimately rising over 3% as the uptrend continued.
Fed Chair Jerome Powell also stated that US banks can serve crypto customers provided they comply with risk disclosure requirements. He also emphasized that de-banking legally compliant customers is not Fed policy, referring to the so-called Operation Choke Point 2.0. He also reiterated that the Federal Reserve cannot legally hold BTC, prompting Senator Cynthia Lummis to propose a change in the law if necessary. The unchanged federal interest rate also split sentiment between bulls and bears. BTC bulls argue the flagship cryptocurrency could see a significant jump in February, speculating that Donald Trumps pro-crypto approach could provide additional support for BTC and the broader crypto market. On the other hand, BTC bears believe static interest rates could deter new capital inflows into BTC and related products like spot Bitcoin ETFs.
Billionaire Scott Bessent Confirmed As Treasury Secretary
Billionaire Scott Bessent has been confirmed as the 79th US Treasury Secretary under Donald Trump, following a bipartisan Senate vote of 68-29. The hedge fund manager and founder of Key Square Group will manage the USs $28 trillion Treasury debt market and oversee fiscal policy, financial regulations, and international sanctions. Ripple CEO Brad Garlinghouse congratulated Bessent, stating,
Congrats to the newly-confirmed Treasury Secretary Scott Bessent! Hell be an incredible leader for Americans! Im confident hell enact common-sense economic policies, working with the Administration and Congress to grow U.S. tech and crypto innovation.
Garlinghouse had supported Bessents nomination in November 2024, stating on X,
I dont want to get too far ahead of myself, but Scott Bessent is the perfect pick for Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec weve ever seen.
Bessents confirmation could result in significant changes in crypto policy, with industry leaders expecting a clear regulatory framework for digital assets, balancing innovation with regulation. President Trump has come out to support crypto, changing their tune after being critical of them until his campaign kickstarted. Trumps pro-crypto stance is highlighted by the nomination of pro-crypto individuals to key positions.
Trump Media To Expand Into Crypto
Donald Trumps social media startup has announced plans to diversify into financial services, including cryptocurrency, after launching Truth.Fi, a financial technology brand. The move brings the presidents business empire further into crypto as the administration looks to boost the space. Trump Media plans to invest up to $250 million into investments across BTC and other cryptocurrencies or crypto-related securities. Charles Schwab will manage the funds. The move is likely to trigger more ethical and conflict of interest concerns.
Trump has already come under intense criticism after launching a meme coin on the eve of his inauguration. Former government ethics officials and presidential experts called the launch a shameful conflict as Trump continues to engage with crypto, promising to make it the crypto capital of the world. Devin Nunes, the CEO of Trump Media, stated,
Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now were moving into investment products and decentralized finance. Developing American First investment vehicles is another step toward our goal of creating a robust ecosystem through which American patriots can protect themselves from the ever-present threat of cancellation, censorship, debanking, and privacy violations committed by big tech and woke corporations.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has surged past $105,000 after the Federal Reserve decided to keep interest rates unchanged, leading to a shift in investor sentiment. The flagship currency had dipped to an intraday low of $101,357 before rebounding and reaching its highest level for the week. However, analysts expect some price volatility following the Feds decision. As a result, traders must remain cautious about BTCs trajectory over the next few days. Gracy Chen, CEO of Bitget, stated,
Immediate growth, as weve seen in previous bull cycles, may not follow as much of the optimism surrounding Trumps stance on crypto has already been priced in following recent bullish trends.
The pause comes after three consecutive rate cuts, cutting the federal funds rate by 100 basis points. Fed Chair Jerome Powell stated at a post-meeting press conference that growing economic strength and persistent inflation prompted the decision to pause rate cuts. Powell added that while inflation has eased significantly, it remains at 2.9%, making further adjustments uncertain. Markets have shown a mixed response, but BTC has crossed $105,000 after Powell also stated banks could serve crypto customers if they comply with necessary measures. However, analysts still expect resistance to a BTC rally, with Chen asking traders to temper expectations.
BTC faced significant volatility last week, losing momentum after surging to a new all-time high. The price stabilized by the weekend as it registered a marginal drop on Saturday. However, bearish sentiment took over on Sunday as BTC dropped over 2% and settled at $102,655 to end the week in the red. Selling pressure intensified substantially on Monday as BTC plummeted to an intraday low of $97,766, dropping below key moving averages and $100,000. However, it recovered from this level to reclaim $100,000 and ultimately settled at $102,064, falling 0.58%.
Source: TradingView
Sellers retained control on Tuesday after thwarting an attempted recovery. As a result, BTC rose to an intraday high of $103,797 before dropping 0.69% and settled at $101,362. Sentiment changed Wednesday as buying activity registered an uptick, and BTC rose 2.27% to $103,666. The current session sees BTC up nearly 2%, having reclaimed the crucial $105,000 level and trading around $105,350. The RSI is currently at 60 and pointing upwards, indicating growing bullishness. The MACD has flipped to bullish, indicating we could see a price jump. If buyers retain control, they will look to push BTC above $107,000. A move past this level could open the door to $110,000 and a new all-time high.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has risen for the second day in a row, with the price up 2.47% during the ongoing session. Investors could be positioning themselves for a potential rally, anticipating a positive February. ETH has posted more positive returns in February than in any other month. Analysts expect ETH to rise by 35% if it breaks the upper boundary resistance. Ethereum is on track to end January in the red for the second year in a row thanks to heightened negative sentiments around the Ethereum Foundation and an uncertain crypto market. However, it could see a positive turn in February, a historically positive month for the asset. ETH has recorded more positive returns in February than any other altcoin. ETHs only negative February occurred during the crypto crash of 2018. Since then,. ETH has consistently registered gains in February, recording a 46% increase in February 2024.
On-chain data suggests positivity is building, with several developments that could impact ETH. President Trumps DeFi platform is increasing its ETH holdings to $250M worth of ETH and staked ETH. It is also expanding its holdings in the Ethereum DeFi landscape, purchasing ENA, AAVE, and LINK tokens. Ethereums daily active addresses have also registered a sharp jump, rising to a one-year high of 588,782 on Saturday.
We can see ETHs recovery over the past couple of sessions in the price chart. However, buyers have struggled to move past the 20-day SMA and $3,200, with ETH trading in a narrow range between $3,000 and the moving average. The asset encountered considerable volatility at the beginning of the previous week. It attempted a move past the 20-day SMA on Thursday, rising 2.99% to $3,339. Friday saw a marginal decline as ETH dropped 0.89% to $3,309. The weekend was mixed as ETH registered a marginal increase on Saturday before dropping 2.55% on Sunday to settle at $3,232.
Source: TradingView
Bearish sentiment registered a substantial increase on Monday as the price dropped to an intraday low of $3,020. However, it recovered from this level to ultimately settle at $3,183, registering a drop of 1.51%. Sellers retained control on Tuesday as ETH fell 3.34% to $3,077 as ETH struggled to stay above $3,000. However, markets recovered Wednesday, and ETH rose 1.20% to $3,114. The current session sees ETH up over 2% and trading around $3,184 as buyers look to push above $3,200. ETH is currently trading in a falling wedge pattern. If ETH can break above the upper boundary resistance and establish it as support, we could see a substantial rally, potentially pushing above $4,000. However, the RSI is below the neutral zone, and the MACD is also bearish, indicating selling pressure. However, if buyers can retain control and push ETH above $3,200 and the 20-day SMA, we could see indicators flip to bullish.
Solana (SOL) Price Analysis
Solana's (SOL) recovery picked up during the ongoing session, with the price up over 4% as buyers attempted to reclaim key levels. SOL has struggled since surging to $295 on January 19 and fell to a low of $229 at the beginning of last week. The price recovered over the next two days, rising to $272 by Wednesday before losing momentum and dropping to $242 on Thursday. SOL encountered volatility on Friday, surging to an intraday high of $270. However, it lost momentum after reaching this level and ultimately settled at $253, registering only a marginal increase. Buyers retained control on Saturday despite selling pressure and pushed SOL up by 1.17% to $256.
Source: TradingView
Sentiment changed on Sunday as SOL plummeted over 6% to $240. Bearish sentiment intensified on Monday as SOL dropped to an intraday low of $220, briefly slipping below the 20-day SMA. However, it recovered from this level to settle at $235, registering a drop of 2.22%. Sellers retained control on Tuesday after buyers failed to flip sentiment. As a result, SOL dropped 3.45% to $226. Buyers returned to the market on Wednesday as SOL surged to an intraday high of $238. However, it lost momentum after reaching this level and dropped to $228, registering a marginal increase. Bullish sentiment has registered a substantial jump during the current session, with SOL up nearly 5% and trading around $238. Buyers will look to build momentum and push SOL towards $250. The RSI is currently above the neutral zone. However, the MACD is still bearish, indicating SOL could face selling pressure.
Bittensor (TAO) Price Analysis
Bittensor (TAO) has made a strong recovery since dipping below $400 towards the end of last week. TAO fell over 6% on Wednesday, slipping below $400 and settling at $399. Sellers retained control the following day as the price fell nearly 5% to $380. Friday saw a further decline as TAO dropped 1.98% to $372. However, sentiment changed over the weekend as TAO surged over 9% on Saturday to reclaim $400 and settle at $407. Buyers retained control on Sunday as TAO surged to an intraday high of $663, briefly pushing above the 20 and 200-day SMAs. However, they lost momentum after reaching this level and ultimately settled at $433, registering an increase of just over 6%.
Source: TradingView
TAO encountered unprecedented volatility on Monday as DeepSeek left the market rattled. As a result, TAO surged to an intraday high of $509 and fell to an intraday low of $386 before settling at $446, registering an increase of just over 3%. Buyers retained control on Tuesday as the price registered a marginal increase to move past the 200-day SMA and settle at $451. Buyers attempted a move past the 50-day SMA on Wednesday as TAO rallied to an intraday high of $497. However, with sellers active at upper levels, the price fell back, ultimately dropping 0.95% to $447. The current session sees TAO marginally up as buyers look to keep the price above $450. The MACD flipped to bullish on Monday, indicating strong buyer sentiment.
Artificial Superintelligence Alliance (FET) Price Analysis
Artificial Superintelligence Alliance (FET) has seen a slight recovery as it attempts to reverse its recent bearish trend that began last week when the price dropped 2.20% on Wednesday after failing to move past the 200-day SMA. Sellers retained control on Thursday as FET dropped nearly 3% to $1.24. Buyers attempted a recovery on Friday but were unsuccessful as the price dropped 1.40% to $1.22. FET remained bearish over the weekend, falling 1.56% on Saturday and 2.28% on Sunday to settle at $1.17.
Source: TradingView
Bearish sentiment intensified on Monday as FET dropped to an intraday low of $1.05 before settling at $1.11. Tuesday saw an even larger decline as FET fell over 12%, slipping below $1 and settling at $0.979. However, the price recovered on Wednesday, rising 1.17% to $0.991. FET has reclaimed $1 during the current session, with the price up nearly 3% and trading around $1.01.
Algorand (ALGO) Price Analysis
Algorand (ALGO) has struggled to build momentum since the weekend when it dropped below the 20 and 50-day SMAs. ALGO dropped 2.37% on Friday and settled at $0.40. Despite the bearish sentiment, ALGO rose nearly 1% on Saturday before dropping over 5% on Sunday to slip below the 20 and 50-day SMAs and settle at $0.383. Selling pressure intensified on Monday as ALGO dropped to an intraday low of $0.345. However, it rebounded from this level to register an increase of 1.08% and settle at $0.387.
Source: Tradingview
Sellers returned to the market on Tuesday as ALGO dropped over 6% to $0.363. The price recovered on Wednesday, rising to an intraday high of 40.385 before settling at 40.368 after an increase of 1.30%. The current session sees ALGO up over 2% as buyers look to push the price above the 20 and 50-day SMAs and $0.40.
Optimism (OP) Price Analysis
Optimism (OP) registered a substantial increase in bearish sentiment over the weekend, starting with a marginal drop on Friday after sellers failed to push above the 200-day SMA. The price continued to drop on Saturday, falling nearly 5% to $1.63. Sunday saw a drop of 4.20% as OP ended the weekend in the red after dropping to $1.56.
Source: TradingView
Bearish sentiment registered a substantial increase on Monday as markets crashed. As a result, OP fell to an intraday low of $1.31. However, it recovered to recoup some losses, ultimately settling at $1.45 after a drop of nearly 7%. Sellers retained control on Tuesday, falling 5.71% to $1.37. The price recovered on Wednesday as OP rose to an intraday high of $1.54 before settling at $1.43. The current session sees OP up by 3.45% and trading around $1.48 as buyers look to push the price above $1.50.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
