Bitcoin Tests $116,000, Ethereum Tops $4,600, XRP Hits $3 On Powell's Rate Cut Hints

Federal Reserve Chair Jerome Powell has signaled openness to potential interest rate cuts in September, fueling bullish momentum in crypto markets.

Powell acknowledged ongoing challenges for the U.S. economy, citing persistent inflation risks and concerns in the jobs market.

This dovish tone sparked optimism across digital assets, with traders noting renewed upside potential for cryptocurrencies.

Trader Notes: With the sudden price bump, Pentoshi compared sentiment swings, noting Bitcoin is at the same level as last week despite extreme mood shifts from all-time high to collapse. He suggested sometimes the best move is no move.

Crypto trader Skew said Bitcoin is unwinding post-Powell, with $115,000–$116,000 as the critical zone (value area low, monthly open, and key trend levels). Holding here could confirm recovery.

Andrew Crypto observed Bitcoin following its expected setup with a sweep into the red box but stressed a break above the August open is needed for bullish continuation.

For Ethereum, trader Rager highlighted the largest hourly Ethereum candles he has ever seen, as ETH volatility surged.

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Also, Ted Pillows noted that ETH/BTC is is just one bullish candle away from breaking an 8-year downtrend.

Galaxy emphasized XRP's breakout above $3, calling it the start of price discovery.

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