Bitcoin, Ethereum, XRP, Dogecoin Slide Further Amid Fed's Hawkish Shift: Analyst Paints This Upside Target For BTC If It Holds $64,000 As Support

💡 Bitcoin and other major cryptocurrencies are under pressure as the Federal Reserve signals a hawkish shift in monetary policy.

The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs "greater confidence" that inflation is sustainably declining before it will consider easing policy.

The 10-year Treasury yield surged to 4.8% in the aftermath, its highest level since October 2023. $SPY fell sharply as bond traders repriced the timing of the first cut from March to June.

Bitcoin and Ethereum Prices Plummet

Cryptocurrency prices have taken a hit as investors reassess the prospects for a rate cut. Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, have slid further amid the hawkish shift in monetary policy.

XRP and Dogecoin Prices Under Pressure

XRP and Dogecoin, two smaller cryptocurrencies, have also fallen in value as investors become increasingly risk-averse. The decline in cryptocurrency prices is a reflection of the broader market uncertainty and the lack of clear direction from the Federal Reserve.

Analyst Paints Upside Target for Bitcoin

One analyst has painted an upside target for Bitcoin if it holds $64,000 as support. The analyst believes that a sustained move below this level could lead to further declines, potentially as low as $40,000.

What It Means for Investors