Bitcoin Steadies At $118,000 As Ethereum, XRP, Dogecoin Push Higher

Cryptocurrency markets are up on Thursday, reversing a short-lived dip following a ‘hawkish’ press conference by Federal Reserve Chair jerome Powell.

Notable Statistics:

• IntoTheBlock data shows Bitcoin and Ethereum large transaction increased by 7.2% and 4.2%, respectively. Daily active addresses moved higher by 0.4% and 25.8%, respectively.
• Coinglass data shows 136,384 traders were liquidated in the past 24 hours for $423.35 million.
• SoSoValue data shows net intflows of $47.04 million into spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $5.8 million.

Trader Notes: Crypto trader George observed Bitcoin dipping slightly more than anticipated but successfully retesting its range lows. It now appears “primed” for a breakout toward $121,000 and beyond.

Michael van de Poppe noted Bitcoin experienced a brief liquidity sweep after the FOMC, but it quickly reclaimed its range and is looking strong and well-positioned for a move to new all-time highs.

Daan Crypto Trades highlighted that Ethereum continues to respect Fibonacci retracement levels. While in 2021 price often bounced sharply at the 0.618, this cycle sees deeper retracements, often toward 0.786 or equal lows, before reversing.

CW pointed out that Solana could rally to $270 but must first clear heavy resistance near $203 to unlock further upside.

Galaxy identified a broadening wedge pattern in XRP, which continues to hold support around $3. This pattern often precedes sharp price discovery moves.

Crypto chart analyst Ali Martinez flagged a TD Sequential buy signal on the daily chart, suggesting a fresh leg up could already be underway across key altcoins.

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