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. 

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 2.87% in 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.

See More: Best Crypto Day Trading Strategies

“The disinflationary process, the process of getting inflation down, has begun and it’s 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 don’t 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 Michaël 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 we’ll be good!

— Michaël 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

Read Next: Will Shiba Inu Fly 30% On A Break Of This Pattern? Here's A Technical Analysis