Bitcoin Surges 10% to $87,000 as Fed Rate Decision Boosts Market Sentiment

Bitcoin has shown strong signs of recovery, holding above $86,000 and approaching the $90,000 range. This recovery is part of a broader market sentiment shift, with traders moving past the bearish phase and into a stage of disbelief. The improved sentiment appears to be linked to the Federal Reserve’s decision to maintain rates, which the crypto market reacted positively to, with Bitcoin briefly reaching $87,000.

Sheldon Snipper, a prominent YouTuber, emphasized that Bitcoin remains in a strong position, having not broken through any major bull market support levels or key bottom trend lines. He shared a chart showing that Bitcoin remains above the bull market trend line despite repeated price dips, emphasizing that Bitcoin is still 100% in a bull market.

Snipper highlighted several altcoins that could lead the market in this new bullish phase. XRP, the native token of Ripple, has seen a significant surge following the announcement by Ripple CEO Brad Garlinghouse that the US SEC would drop its legal case against the company. This news sparked an immediate price increase for XRP, rising from $2.3 to $2.6 before stabilizing around $2.5. The legal victory has bolstered investor confidence in XRP, contributing to its upward momentum. XRP has posted a 7.5% weekly gain, driven by a dramatic surge following news of Ripple’s lawsuit conclusion. Analysts suggest a breakout above $2.70 could trigger further upside movement, potentially pushing XRP toward new cycle highs.

SUI is also showing strong bullish momentum, with its sights set on reaching $4–$5 in the near term. Snipper further projected that SUI could eventually hit $7, considering its market cap in relation to Solana. Currently, SUI is trading in the mid-$2 range, priced at approximately $2.45 at the time of this report, reflecting a 3.1% increase over the last day. This level is seen as a potential accumulation opportunity before its next upward move.

Ondo is also showing strength, with technical indicators suggesting a potential 40% surge as liquidity builds. Ondo is currently trading at $0.8694, with a minor 0.7% uptick in the past day. The increasing interest in Ondo is part of a broader trend where investors are looking for alternative investment opportunities within the cryptocurrency space. The growing influence of Ondo and other altcoins highlights the diversification of the market, with investors seeking out new and promising projects.

Snipper predicts that if Bitcoin breaks through the $95,000 resistance, it could move toward $110,000–$120,000, with further gains possible in the latter half of the year. He also mentioned that some forecasts suggest this market cycle could push Bitcoin to $200,000, fueled by institutional adoption and increasing retail participation.

The recovery of the cryptocurrency market is also supported by the performance of Bitcoin. Although the Federal Reserve did not lower interest rates, Bitcoin's price reacted positively, reaching a multi-week peak of over $87,500. This surge was driven by anticipation of the FOMC meeting and the subsequent market reaction to the Fed's decision. Bitcoin's market capitalization has risen to $1.7 trillion, with its dominance over altcoins slightly decreasing to 58.4%.

The overall market sentiment remains positive, with investors optimistic about the future of cryptocurrencies. The recovery of XRP, SUI, and Ondo, along with the broader market gains, indicates a strong market recovery. As the cryptocurrency market continues to evolve, these altcoins are poised to play a significant role in shaping its future.