Bitcoin, Ethereum, Dogecoin Soar On Hopes Of Fed Dovishness: Analyst Says $30K Is ‘Still A Magnet’ For Apex Crypto

Major coins traded in the green on Tuesday evening, as the market capitalization after the U.S. Federal Reserve Chairman Jerome Powell reiterated that the disinflationary process has started in the economy. Cryptocurrency Gains (+/-) Price Bitcoin +2.15 $23,335 Ethereum +3.74 $1,685 Dogecoin +2.87 $0.092

What Happened: The largest cryptocurrency by market value Bitcoin BTC/USD was trading above $23,000. Ethereum ETH/USD was changing hands at $1,685, up 3.74% in the last 24 hours.

Dogecoin DOGE/USD was up 2.87in the last 24 hours, pushing its price up to $0.092.

U.S. equities surged on Tuesday as the S&P 500 Index gained 1.3%, and the Nasdaq Composite Index rose 1.9%, ending a two-day losing streak.

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The disinflationary process, the process of getting inflation down, has begun and its begun in the goods sector, which is about a quarter of our economy, said Powell. But it has a long way to go. These are the very early stages," Powell said.

Powell made similar comments on inflation last Wednesday when he announced the Fed was raising interest rates by 25 basis points.

Analyst Notes: Bitcoin went on a Fed Chair Powell rollercoaster ride and was able to hold onto recent lows. Bitcoin could see further bullish momentum if we see signs that the labor market is cooling and as long we dont have a much hotter-than-expected inflation report next week. Bitcoin has massive support at $20,500 and resistance at $25,000, said Edward Moya, senior analyst at OANDA, in a note seen by Benzinga.

Crypto analyst Michal van de Poppe said apparently, the bull appears to have returned. He suggested purchasing dips, and taking pleasure in altcoins and the markets.Apparently, bull is back.

Buy the dips, enjoy #altcoins and the markets for now and well be good! Michal van de Poppe (@CryptoMichNL) February 7, 2023

For crypto analyst Kaleo, $30,000 is still a magnet for the apex crypto. Every little bit of chop in this range is just noise.

#Bitcoin / $BTC

$30K is still a magnet.

Every little bit of chop in this range is just noise. pic.twitter.com/TN12HjQ7WW K A L E O (@CryptoKaleo) February 6, 2023

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