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The first key event of the week has occurred—Jerome Powell spoke this morning, reiterating that the Federal Reserve is in no rush to cut interest rates, citing ongoing uncertainty around tariffs and trade wars. Similarly to what I mentioned a few days ago, investors are becoming more immune to tariff-related headlines, and Powell echoed this sentiment today.
Donald Trump has already stated he would not introduce a CBDC if re-elected, and Powell was asked the same question. His response? A firm no. Powell agreed that as long as he remains chair, the Federal Reserve will not create a central bank digital currency.
Although Powell’s speech had little impact on traditional markets, Bitcoin and the crypto market reacted sharply, with BTC dropping 4% and altcoins falling even further shortly after his remarks.
Next, we shift focus to the upcoming CPI data release, the next major event of the week. Core CPI is forecasted to rise by 0.1% from last month, while headline CPI is expected to decline by 0.1%—leaving YoY inflation unchanged. With what could be a mixed bag of results dropping at 12:30 AM AEST, the recent risk-off sentiment in crypto makes more sense.
Despite this, Bitcoin continues to hold key support at $95.7K. If CPI prints higher than expected, BTC could drop further and retest $90K, dragging altcoins down with it. However, a weaker-than-expected CPI would suggest cooling inflation, which could trigger a relief rally in crypto markets.
Stormrake Spotlight: Ondo Finance (ONDO) ($1.34)
Stormrake Spotlight: Ondo Finance (ONDO) ($1.34)
Ondo is continuing to hold the top of its accumulation range, building a stronger base around $1.34. Yesterday, ONDO rallied 8% to $1.44 before retracing along with the rest of the market.
While still consolidating, the blue CPR levels are acting as magnets, keeping price within the $1.36 - $1.44 range. The trend remains sideways, but once ONDO flips the 21 and 55 EMAs, we can expect a move back toward the recent lower high of $1.64.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin was set to retest $100K, but Powell’s speech halted momentum, triggering a reversal that led BTC to retest $95.7K. This overnight pullback has shifted momentum back to the bears—if BTC fails to hold this key level, the next stop is likely $92.5K.
BTC Total ETF Flows for 11 Feb: $ - 27.4 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum followed Bitcoin’s drop overnight, failing to break the 200 EMA—as expected, it proved to be a strong resistance level. ETH has since fallen below all moving averages, briefly wicking down to $2,556. This is a must-hold level—a break below could lead to a retest of $2,500.
ETH Total ETF Flows for 11 Feb: $ (data not available)
(ETF flow data is sourced from https://farside.co.uk/eth/ 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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