Bitcoin’s price continued to rise throughout the day in hopes of easing monetary conditions in the United States, with all eyes on the upcoming Federal Open Market Committee meeting set for later today.
As of the latest update, the total crypto market cap was up 2.3%, climbing alongside Bitcoin to reach a 9-day high of $2.87 trillion.
Market sentiment, however, remained in fear territory due to uncertainty over upcoming monetary decisions.
The Crypto Fear and Greed Index dropped two points from yesterday to 32; however, the market outlook seemed to be recovering, with both Bitcoin and a number of top altcoins gaining at press time.
Will Bitcoin price go up?
Traders are currently awaiting the Fed’s decision, which could set the tone for Bitcoin’s next big move.
A dovish stance from Fed Chair Jerome Powell—hinting at potential rate cuts or an end to quantitative tightening—could fuel a rally past the $90,000 mark, according to analysts.
On the other hand, if the Fed sticks to its hawkish approach, Bitcoin may struggle to break out of its current consolidation range.
At the moment, the CME Group’s FedWatch tool shows a 99% probability that the Fed will keep rates steady.
While no surprises are expected in today’s announcement, traders are more focused on Powell’s tone and any clues about future policy shifts.
Analysts remain split on the impact. Markus Thielen, CEO of 10x Research, expects a “counter-trend rally” as Bitcoin appears oversold but warns that this isn’t a major bullish catalyst—just some fine-tuning from policymakers.
Meanwhile, Iliya Kalchev, analyst at Nexo, believes Powell’s remarks could be the deciding factor, noting that if the Fed signals an end to QT, risk assets like Bitcoin could surge.
While some analysts at CryptoQuant suggested that the bull cycle might be over, others believe a positive shift in Powell’s tone could send Bitcoin climbing again.
Keith Alan, co-founder of Material Indicators, pointed out that if Powell strikes a dovish tone and eases recession concerns, Bitcoin could push above its 21-day and 200-day moving averages, currently at $84,350 and $84,995, respectively.
That could help avoid what looked like an imminent death cross—a bearish technical pattern that traders usually watch closely.
But if Powell delivers bad news, Alan warned that Bitcoin could drop back to multi-month lows of $76,000.
Meanwhile, Rekt Capital is eyeing a move higher. The trader believes Bitcoin still has room to climb, with a potential CME gap filled pushing prices up to $87,000.
Bitcoin has already retested support around $78,000–$80,700, and if the current uptrend holds, a further push higher could be on the cards.
Crypto Beastlorion pointed to a build-up of short liquidations between $84,000 and $90,000 on Binance’s BTC/USDT liquidation heatmap, suggesting that Bitcoin’s recent momentum could push into this zone.
A sentiment also shared by pseudonymous trader Ufo Calls.
It’s time for $BTC to take the liquidity above us now.
Send it higher 📈
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Meanwhile, well-known analyst BitBull showed his bullish stance by going long on Bitcoin, setting targets between $88,888 and $108K.
At publication, Bitcoin was trading at $84,310, up 2.9% in the past 24 hours.
Altcoin market recovers
The total altcoin market cap jumped 9.9%, reaching $1.22 trillion, with the altcoin season index remaining stable at 21, indicating a full-fledged Bitcoin season.
However, a number of the top 99 altcoins were on the greenside when writing, with the top gainers posting double-digit gains:
Raydium
Raydium surged nearly 15.7% over the past day trading at $1.86 white its market was seated at nearly $542 million at press time.
Its daily trading more than tripled to $243.4 million while its circulating supply was at $290.84 million.
Source: CoinMarketCap
Today’s market gains are largely driven by news that Raydium is launching its own meme coin launchpad, called LaunchLab, which could compete with Pump.fun, the go-to platform for meme token launches.
Hyperliquid
Over the past day, Hyperliquid (HYPE) rose 13.8%, exchanging hands at $15.07 per coin while its market cap soared to $5.03 billion at the time of writing.
Its daily trading volume was also up 70% to $98.86 million amid increased interest from investors.
Source: CoinMarketCap
Hyperliquid’s new staking tiers system, set to launch on or after April 30, has given the altcoin a boost.
The update offers lower trading fees based on the amount of HYPE staked, making the platform more competitive with centralized exchanges.
Even users who don’t stake will still enjoy reduced fees.
The change is expected to boost protocol revenue and increase HYPE’s utility.
Plus, spot trading volumes will count double toward a trader’s fee tier, encouraging more activity on the platform.
Whales have also turned their attention to HYPE, recently buying more of the altcoin—a move that could typically attract more investments from retail traders.
EOS
EOS (EOS) was up 14.6% over the previous day, trading at $0.56 as of press time while its market cap was standing at $883.5 million.
Its daily trading volume also saw a major spike of 785% to over $571.4 million.
Source: CoinMarketCap
Today’s gains come as EOS is rebranding to Vaulta as it pushes to become the top blockchain for finance.
The project aims to connect traditional finance with Web3, focusing on areas like wealth management, payments, investments, and insurance.
Vaulta’s wealth management system will be powered by Ceffu, a network that provides Bitcoin yield.
Using Vaulta’s virtual chain setup, the goal is to turn Bitcoin into a fully liquid, yield-generating asset within the Web3 banking space.
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