Market
Bitcoin Price $61,000 Breakout Explained As DXY Hits 2024 Lows

All eyes are on Bitcoin (BTC) after it reclaimed the $61,000 mark, following the release of the Federal Open Market Committee (FOMC) minutes. The recent price movement has reignited interest in the cryptocurrency, especially given Bitcoin’s correlation with global liquidity.
This correlation also draws attention to the US dollar index (DXY), as changes in the DXY can impact BTC. Typically, when the dollar weakens, Bitcoin strengthens due to investors seeking alternative assets.
DXY Records New 2024 Lows: a Look at Macro Drivers
The U.S. Dollar Index (DXY) has formed lower highs since June, hitting fresh lows in 2024. After breaking below the January 1 low of $101.340, the DXY dropped further, bottoming at $100.923 on Wednesday.
At the time of writing, it’s trading at $101.311. A falling DXY is bullish for risk assets like Bitcoin and other cryptocurrencies.

On the other hand, global liquidity (M2) is trending upward. M2 measures the total amount of money circulating in the global economy, including checking accounts, savings accounts, and other liquid assets that can be quickly converted into cash.
Risk assets, including Bitcoin, typically correlate with rising liquidity. The relationship between Bitcoin’s price and M2 expansion reflects broader market sentiment and economic conditions. A higher M2 expansion indicates a loose monetary policy and an increased money supply, which often boosts risk assets like cryptocurrencies.
“BTC is the most sensitive asset to liquidity. Historically, a 10% increase in global liquidity has corresponded in a 40% increase in Bitcoin’s price,” wrote Cryptonary.
Read more: How to Protect Yourself From Inflation Using Cryptocurrency
The Federal Reserve is likely to ease monetary policy at its next meeting, according to the FOMC minutes released on Wednesday. However, this depends on data continuing to align with expectations. The minutes also indicated that some policymakers supported a 25-basis-point (bps) rate cut during the July meeting. Despite this, the Fed chose to keep rates unchanged, as BeInCrypto reported.
Based on the CME FedWatch Tool, the probability of a 50 bps rate cut in September has increased to 30.5%, reflecting growing market sentiment toward a potential easing of policy.

However, it’s important to note that Fed Chair Jerome Powell has consistently urged caution, highlighting that cutting rates too soon remains a major concern. Even so, the FOMC minutes often provide critical insights into policymakers’ evolving views on interest rates. This is particularly relevant if there’s a shift in their stance.
All eyes will be on Powell’s upcoming speech on Friday at the Jackson Hole symposium, as markets look for more clues about the Fed’s next steps. As BeInCrypto reported, Powell’s remarks could trigger market volatility, especially in risk-on assets like Bitcoin.
The prospect of lower interest rates generally benefits risk assets, which aligns with Bitcoin’s recent move above $61,000. The price has broken above the symmetrical triangle, but confirmation of this breakout is still pending. Markets will closely monitor Powell’s comments for further direction.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

A stable candlestick close above $60,000, supported by the Relative Strength Index (RSI) holding above 50, would confirm the continuation of Bitcoin’s uptrend. For further upside, Bitcoin must break through the supply zone between $65,777 and $68,424. If this resistance is flipped into support, known as a bullish breaker, it could pave the way for a push toward a new all-time high.
On the flip side, Bitcoin could fall back below $60,000, breaching the upper trendline of the symmetrical triangle. In a worst-case scenario, further selling pressure could drive BTC below the triangle’s lower trendline and into the demand zone.
If buying pressure within the support zone between $53,485 and $57,050 fails to counteract the sellers, Bitcoin’s price could drop even further, potentially targeting the liquidity residing below $52,398. This would mark a downside move, indicating a possible reversal in trend.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will XRP Break Support and Drop Below $2?

XRP is down 5% over the past week, struggling to regain momentum as technical indicators flash mixed signals. Its Relative Strength Index (RSI) has dropped below 50, and the price remains stuck within a tight range between key support and resistance levels.
At the same time, the Ichimoku Cloud has shifted from green to red, with a thickening cloud ahead suggesting growing bearish pressure. With volatility compressing and momentum fading, XRP is nearing a critical point where a breakout—or breakdown—seems increasingly likely.
XRP Struggles to Regain Momentum as RSI Drops Below 50
XRP’s Relative Strength Index (RSI) is currently sitting at 44.54, after recovering from an intraday low of 40.67. Just yesterday, it was at 51.30, highlighting increased short-term volatility.
RSI is a momentum indicator that measures the speed and magnitude of recent price changes to evaluate overbought or oversold conditions.
Readings above 70 typically suggest an asset is overbought, while readings below 30 indicate it may be oversold.

With XRP’s RSI at 44.54, it’s currently in neutral territory, showing neither strong buying nor selling pressure.
However, the fact that it hasn’t crossed the overbought threshold of 70 since March 19—over a month ago—signals a lack of sustained bullish momentum. This could mean XRP is still in a consolidation phase, with the market waiting for a clearer direction.
If RSI continues to climb toward 50 and beyond, it may hint at building momentum, but without a breakout above 70, upside could remain limited.
XRP Faces Uncertainty as Bearish Trend Begins to Expand
XRP is currently trading inside the Ichimoku Cloud, signaling market indecision and a neutral trend.
The Tenkan-sen (blue line) has crossed below the Kijun-sen (red line), which is a bearish signal, but with the price still within the cloud, it lacks full confirmation.
The cloud itself acts as a zone of support and resistance, and XRP is now moving sideways within that zone.

Looking ahead, the cloud has shifted from green to red—a sign that bearish momentum may be building. Even more concerning is that the red cloud is widening, which suggests increasing downward pressure in the near future.
A thickening red Kumo often signals stronger resistance overhead and a potential continuation of a bearish trend if the price breaks below the cloud.
Until XRP breaks out decisively in either direction, the market remains in a wait-and-see phase, but the growing red cloud tilts the bias toward caution.
XRP Compression Zone: A Breakout Could Send Price to $2.50 — Or Much Lower
XRP price is currently trading within a tight range, caught between a key support level at $2.05 and resistance at $2.09. This narrow channel reflects short-term uncertainty, but a decisive move in either direction could set the tone for what’s next.
If the $2.05 support fails, the next level to watch is $1.96. A break below that could trigger a steep drop toward $1.61, which would mark the first close below $1.70 since November 2024—a bearish signal that could accelerate selling pressure.
Recently, veteran analyst Peter Brandt warned that a major correction could hit XRP soon.

On the flip side, if bulls regain control and push XRP above the $2.09 resistance, the next target lies at $2.17. A breakout beyond that could open the door to a move toward $2.50, a price level not seen since March 19.
For that to happen, XRP would need a clear resurgence in momentum and buying volume.
Until then, the price remains trapped in a narrow zone, with both upside and downside potential on the table.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Dogecoin Defies Bullish Bets During Dogeday Celebration

On April 20, Dogecoin enthusiasts worldwide united to mark Dogeday, a community-driven holiday celebrating the world’s most recognizable meme coin.
While the festivities showcased the coin’s loyal fanbase and cultural relevance, the celebration failed to spark any meaningful market movement.
Dogeday Fails to Lift Dogecoin Price as Traders Face $2.8 Million in Liquidations
Instead of riding a wave of positive sentiment, Dogecoin was the worst-performing asset among the top 20 cryptocurrencies during the past day.
According to data from BeInCrypto, the token dropped over 2.5% during the reporting period compared to the muted performance of the general market.
This disappointing performance led to roughly $2.8 million in liquidations, with traders betting on an upward price movement losing more than $2 million, per Coinglass figures.

However, even with the lackluster price action, Dogecoin’s relevance in the crypto ecosystem remains undeniable. Launched in 2013 as a parody of Bitcoin, DOGE has grown far beyond its meme origins.
The digital asset is now the ninth-largest cryptocurrency by market capitalization, currently valued at approximately $22.9 billion, according to CoinMarketCap.
Much of its growth can be attributed to high-profile endorsements. Tesla CEO and presidential advisor Elon Musk has repeatedly voiced support for Dogecoin, as has billionaire entrepreneur Mark Cuban. Their backing helped shift public perception of DOGE from a joke to a legitimate digital asset and payment option.
On social media, Dogecoin continues to lead the memecoin narrative. According to CryptoRank, it was the most mentioned memecoin ticker on X (formerly Twitter) in the past month. This visibility continues to fuel both community engagement and investor interest.

Moreover, institutional interest in Dogecoin is also on the rise. Major asset managers, including Bitwise, Grayscale, 21Shares, and Osprey, have submitted filings to the US Securities and Exchange Commission (SEC) seeking to launch spot Dogecoin ETFs.
If granted, these financial investment vehicles could become the first exchange-traded funds centered entirely on a meme coin.
Considering this, crypto bettors on Polymarket put the odds of these products’ approval above 55% this year. This optimism reflects a growing belief that Dogecoin could soon secure a place in mainstream financial markets.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Tokens Big Players Are Buying

Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN). All three have seen a noticeable uptick in large-holder accumulation over the last week, signaling growing interest from big players despite recent volatility.
While ETH and XCN are both coming off sharp corrections, whale buying suggests confidence in a potential rebound. Meanwhile, FET is riding renewed momentum in the AI sector, with whale activity accelerating alongside rising prices.
Ethereum (ETH)
The number of Ethereum crypto whales—wallets holding between 1,000 and 10,000 ETH—has been steadily climbing since April 15. Back then, there were 5,432 such addresses.
That number has now risen to 5,460, the highest count since August 2023. At the same time, the concentration of ETH held by these whales is also hitting new highs, signaling growing accumulation by large holders.
While this can be interpreted as confidence in Ethereum’s long-term value, it also raises concerns about centralization and potential selling pressure if whales decide to take profits.

Ethereum price is currently down more than 19% over the last 30 days. If the correction continues, the price could retest support at $1,535. Losing that level might send ETH toward deeper support at $1,412 or even $1,385.
However, if the trend reverses, key resistance zones lie at $1,669 and $1,749—with a potential push toward $1,954 if bullish momentum builds.
In this context, the growing dominance of whales could act as either a stabilizing force or a looming risk, depending on how they respond to market shifts.
Artificial Superintelligence Alliance (FET)
The number of FET whales—wallets holding between 10,000 and 1,000,000 tokens—increased from 572 on April 13 to 586 by April 19.
This steady growth in large holders points to rising confidence among bigger players. It comes at a time when the broader AI crypto narrative is showing signs of a rebound.
Key AI coins like FET, TAO, and RENDER have all increased over 9% in the last seven days, with FET itself gaining more than 8% in the past 24 hours and 13.5% over the week. This suggests a possible comeback for the artificial intelligence narrative in crypto.

If this momentum continues, FET could push toward resistance at $0.659. A clean breakout from that level could open the door to further gains, with $0.77 and $0.82 as the next potential targets.
On the flip side, if the rally stalls, FET might drop back to test support at $0.54. A breakdown below that could send it as low as $0.44.
With whale activity heating up and the AI sector showing renewed strength, FET’s next move could be a key signal for where the narrative heads next.
Onyxcoin (XCN)
Onyxcoin was one of the standout performers in January, but its momentum has faded in recent months. After a strong bounce—up of over 57% in the last 30 days, the token is now correcting, down 19% in the past seven days.
Despite this pullback, accumulation continues. The number of crypto whales holding between 1 million and 10 million XCN has grown from 528 on April 16 to 541, suggesting some large holders may be buying the dip.

If the correction deepens, XCN could lose support at $0.0165. A drop below that may open the door to further declines toward $0.0139 and $0.0123.
But if the trend flips back upward, the token could first test resistance at $0.020. A strong breakout from there might lead to a move toward $0.027. With whale activity on the rise and volatility returning, XCN’s next move could be decisive.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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