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, Ethereum, and other cryptocurrencies are experiencing a sharp decline following the Federal Reserve's 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. $TLT fell sharply as bond traders repriced the timing of the first cut from March to June.

Crypto Market Reaction

Bitcoin, Ethereum, XRP, and Dogecoin have all experienced significant losses over the past 24 hours, with BTC down over 5%. Analysts attribute this decline to the Federal Reserve's hawkish stance, which has increased the likelihood of higher interest rates and reduced the appeal of riskier assets like cryptocurrencies.

Analyst Upside Target

One analyst has painted an upside target for Bitcoin if it holds $64,000 as support. According to the analyst, a break above $70,000 could signal a broader rally in the cryptocurrency market.

What It Means for Investors