Bitcoin Drops 1% to $82,698 Amid Nasdaq's 6% Fall, Eyes FOMC Meeting

Despite a significant drop in the Nasdaq index on Thursday, Bitcoin and altcoins have shown resilience, with investors seemingly unfazed by the recent Trump tariff developments. Bitcoin's price has only decreased by 1% to $82,698, recovering from earlier volatility. Investors are now focusing on the upcoming Federal Open Market Committee (FOMC) meeting, where the decision on potential rate cuts by Fed Chair Jerome Powell will be closely watched.

Bitcoin's price has experienced substantial volatility over the past week, fluctuating between $82,000 and $89,000. The implementation of Trump's reciprocal tariffs on April 2 led to a sharp decline in Bitcoin's price from $88,000 to $82,000. However, despite the Nasdaq falling by 6% and the S&P 500 by 5% on Thursday, Bitcoin and the broader crypto market have demonstrated greater resilience. Crypto analyst Ali Martinez highlighted a key technical milestone for Bitcoin's potential market rebound, suggesting that reclaiming the short-term holder realized price level of $90,570 would signal a resumption of the bull run.

Traders are assigning a 27.1% probability to a 25 basis point rate cut at the upcoming FOMC meeting scheduled for May 7. This low probability indicates that investors believe the U.S. Federal Reserve is unlikely to deviate from its current monetary policy path. Fed Chair Jerome Powell has maintained a cautious tone, suggesting that more evidence of cooling inflation may be needed before any easing begins. Popular crypto analyst Titan of Crypto noted that Bitcoin's price needs to break out from the falling wedge pattern, expressing optimism that inflation is likely to cool off significantly in the coming months.

Since the beginning of 2025, altcoins have faced a severe correction, with Ethereum (ETH), Solana (SOL), and others dropping between 30-40%. Some market analysts believe that this correction may have reached its bottom, suggesting that altcoins are poised for a further rally. Crypto analyst Wimar.X issued a bullish signal for the altcoin market, noting that a key technical crossover has formed, historically preceding massive rallies. According to Wimar.X, similar signals in past cycles triggered altcoin market surges of 1,000% to 2,000%.