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The Easter long weekend has wrapped up, and true hard money assets rallied. The US 10-Year Note yield has climbed back above 4.40%, helping both Gold and Bitcoin realign for the first time in months as risk-off safe havens. Bitcoin is now fast approaching $90K, while Gold has surged beyond $3,400.
In contrast, traditional risk-on markets have struggled—Nvidia and Amazon dropped 4.5% and 3.1%, respectively, over the past 24 hours. This price action highlights growing US dollar weakness and rising uncertainty across risk-on assets.
Not all crypto assets joined Bitcoin’s rally. While BTC moved higher, most majors lagged behind. Ethereum, Solana, Ripple, and Cardano all underperformed, with ETH and SOL both closing in the red. Alex Goldstein has suggested that one way to top up the government's Bitcoin reserves—without deploying USD—could be to liquidate altcoin holdings. That could explain the subdued performance across the majors.
The Trump vs Powell Showdown Intensifies
The ongoing battle over interest rates continues to unfold—Trump versus Powell. While this feud remains largely one-sided for now, Trump has intensified pressure on Fed Chair Jerome Powell, criticising the Fed's approach to rate decisions. Declaring that "there is virtually no inflation," Trump has branded Powell "Mr. Too Late" and a "Major Loser," demanding immediate rate cuts.
Speculation is mounting that Trump is exploring ways to replace Powell, although, as we covered last week, removing a sitting Fed Chair isn’t straightforward. Despite the pressure, the Federal Reserve remains unmoved, with markets pricing in a 97% chance of no change in the upcoming May meeting. This will no doubt further frustrate Trump. Current expectations still point to June as the earliest potential cut—likely the first of 2025. However, some analysts are now floating the possibility of a rate hike in September, should inflation data show signs of re-acceleration. The Fed, for now, remains firmly data-dependent.
Stormrake Spotlight: Ripple (XRP) ($2.08)
Stormrake Spotlight: Ripple (XRP) ($2.08)
Despite Bitcoin’s breakout, XRP remained subdued, still trading below its 21EMA resistance. It managed to close just 0.33% higher after being up over 3% intraday. That resistance level held firm. XRP wasn’t alone—Ethereum and Solana also ended the day in the red, signalling a lack of broad-based follow-through.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has finally broken out of its nine-day consolidation range, decisively clearing all CPR resistance levels and flipping them into new support around $85.8K. With momentum now building, BTC looks poised to retest the next key level at $89.9K. The 21EMA and 55EMA are likely to act as dynamic support zones on any short-term pullback. A move towards $90K in the coming days looks increasingly probable.
BTC Total ETF Flows for 21 April: $ (data not available at the time of writing)
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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