The price of Bitcoin (BTC) 
$80,221 fell below $117,000 after US markets opened. While this decline has sparked concerns, it has not resulted in massive losses for altcoins. Predicting the extent of this downturn remains challenging, particularly as Trump continues to reiterate calls for an interest rate cut. Meanwhile, Bitcoins dating as far back as 2011 are being sold off. The current status of Ethereum (ETH) 
$2,294 and XRP also demands attention.
Bitcoin’s Downward Spiral
President Trump’s hard stance on tariffs persists, adding to the financial strain as inflation figures surpassed expectations. This week is expected to see multiple statements from Fed members regarding interest rate cuts. Trump, however, has once again urged for a reduction in rates. The rumored resignation of Fed Chair Powell proves unfounded. A smear campaign has been launched against the Fed by Republicans, with exaggerated stories about Fed building renovations being a particular point of contention.
The resignation rumor concerning Powell is speculated to both acclimatize the market to such a possibility and to pressure the current chair. As for Bitcoin, over half of the 80,000 BTC from 2011 has been sold, with continued sales ranging between 200-500 BTC through Galaxy Digital. The market has been affected by this $10 billion influx, prompting a decline. With institutional investors potentially seeing this as an opportunity, the situation bears monitoring.
The $115,500 support level is crucial to maintain.
XRP and Ethereum: Current Status
Crypto analyst Mister Crypto remains optimistic about Bitcoin’s trajectory despite the recent pullback. Highlighting the cup-and-handle pattern, he anticipates reaching the formation target of $148,000 with closings above $110,000.
DaanCrypto recently commented on Ethereum, stating that ETH is advancing in the upper half of the massive cycle range. Key levels to watch in broader timeframes are $2,800 and $4,000, dismissing others as mere noise.
“ETH has moved into the upper half of its massive cycle range. $2,800 and $4,000 are the only levels that matter in higher timeframes. I think everything else is just noise.”
At the article’s conclusion, BTC briefly dipped below $116,000. It has since stabilized above this level but upcoming statements from Fed members are awaited and could be critical for BTC and altcoins.
Lastly, Rover shared the XRP Coin chart indicating that a breakout has already occurred, initiating a new bull run. The forecast is optimistic, with hopes set on double-digit prices.
