This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin: Powell brings bearish lower high

Bitcoin BTC$111,747.10 has retraced to levels last seen before Federal Reserve Chair Jerome Powell’s dovish remarks on Friday, which set expectations for a potential rate cut in September.

At the time of writing, BTC is trading just above $112,000, having peaked at around $117,440 on Friday. Technical scrutiny of the daily chart reveals that the pullback from the $117,000 peak has established a lower high in close proximity to the resistance line defined by the previous bullish trendline originating from the April lows.

This lower high reinforces the prior trendline breakdown, signaling a continuation of bearish price action. Complementing this observation, the Guppy Multiple Moving Average (GMMA) indicator is poised to confirm a bearish momentum shift, highlighted by the imminent crossover of the short-term exponential moving averages (white band) below the longer-term averages (red band).

On the weekly chart, the MACD histogram has initiated the new trading week with a sub-zero reading, highlighting the potential acceleration of downward momentum.

In summary, what do you say about a market that not only resists a sustainable rally on the back of favorable news – such as Powell’s speech – but also maintains a series of bearish technical patterns? I’ll leave it to the readers’ discretion.

Key technical support lies at the $110,756 level, corresponding to the lower boundary of the Ichimoku cloud, with a more substantial support zone marked by the 200-day simple moving average near $100,000. Conversely, reclaiming Friday’s high of $117,440 is essential to resurrect the bullish case.

• Support: $110,756, $100,887, $100,000.
• Resistance: $117,440, $120,000, $122,056.

Ether: Loss of upward momentum

Ether (ETH) printed a doji candle with a prominent upper wick on Sunday, signaling market indecision at record highs. This candlestick pattern forms when the opening and closing prices converge, reflecting a stalemate between buyers and sellers.

However, the relatively long upper shadow, in this case, means that the bull’s attempts to push prices higher faced significant pushback from bears, who managed to pull the price back down before the close.

While the doji itself does not guarantee a reversal, it highlights uncertainty and a possible loss of upward momentum. It warrants caution as it often precedes a potential reversal or a consolidation phase where the market awaits further catalysts for direction.

A pullback appears likely, as the 14-day relative strength index continued to print lower highs over the weekend, contradicting the new price high. The so-called bearish divergence indicates a loss of upward momentum and often yields corrections.

Interestingly, ether traded 3% lower on the day at $4,624 at press time, with charts indicating support at $4,065, the level from which ETH turned higher on August 20.

• Support: $4,065, $4,000, $3,805 (the 50-day SMA).
• Resistance: $5,000, record highs.

Read more: Bitcoin Reverses Powell Spike With a Flash Crash as Options Market Signals Jitters Ahead

Bitcoin surged by 5% (approximately $5,000) following Jerome Powell’s remarks at the Federal Reserve’s annual Jackson Hole Symposium, sparking fresh momentum in a bull market that has been quietly crushed since early 2024.

For most of this cycle, Bitcoin rise has been countering the headwinds of financial tightening. The Bull Run story began in June 2023 when BlackRock submitted a Spot Bitcoin ETF application. Since then, despite persistent inflation concerns, hiking rates and constant talk of “longer and higher,” Bitcoin has been shaking macro resistance and marching higher.

You could potentially mark a turning point today. Powell’s speech hinted at what the market was waiting for. After nearly two years of restrictive policy aimed at cooling inflation, the Fed chair acknowledged that conditions had changed. Inflation has cooled from its peak, slowing economic growth, and the strain of stricter monetary policy shows a crack in the system (see Recent Jobs).

For the first time in this cycle, Powell’s tone suggested that the Fed was ready to ease the grip.

The market response was immediate. Bitcoin ripped higher because traders were aware of what this meant (~$117,000 at this time of writing). Risk assets thrive when the central bank flashes, and Bitcoin, the most difficult money in existence, tends to be the fastest horse when the Fed runs through the cave into its own new reality.

This is more than just a short-term meeting. It could be an inflection point that turns into a stable, resilient bull market. The Fed’s attitude was a damper that remains in the advantages of Bitcoin. If Powell and FOMC signal a shift to accommodation, Bitcoin is standing to disproportionately benefit.

We’re still early. This bull market was born in the shadow of BlackRock’s ETF filing and matured by merciless skepticism and macrodrugs. Now, as policy winds begin to blow, the path forward may be similar to the previous parabolic stage of the Bitcoin cycle.

The message from Jackson Hole is clear: The Fed is forgiving. Bitcoin has already responded. And if history is a guide, real fireworks may be on the way.

This article is a take. The opinions expressed are entirely the authors and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

US President Donald Trump is weighing legal action against Federal Reserve Chair Jerome Powell, tying the clash to his demand for an immediate interest rate cut.

The standoff comes after fresh inflation data showed consumer prices cooling more than expected, raising speculation over how the Fed’s next move could ripple into digital asset markets.

Bitcoin Rises On Trump-Powell News

Despite the political drama, Bitcoin price inched closer to $121,000, signaling strong market momentum.

Bitcoin price moving closer to the $121k level today. Source: CoinMarketCap

Renovation Costs Row Puts Fed Under Pressure

In a Truth Social post, Trump said he’s considering allowing a major lawsuit to proceed against Powell over the cost of Federal Reserve building renovations.

He claimed the project should have been a $50 million “fix-up,” not a $3 billion overhaul. Reports have disclosed that Powell was previously referred to the Department of Justice for alleged perjury tied to the same costs.

During a recent visit to the Fed to inspect the renovation, Trump once again pressed Powell to cut rates. The president accused the Fed chief of acting “too late” on key policy decisions, calling the damage “incalculable.”

Rate cuts are typically seen as bullish for risk assets, including Bitcoin and other cryptocurrencies, as they can weaken the US dollar and encourage more speculative investment.

President Donald Trump said he is weighing a lawsuit against Federal Reserve Chair Jerome Powell over the renovation of the central bank’s headquarters, a project whose cost overruns have drawn scrutiny. https://t.co/1WQIlBDlcb

— Bloomberg Law (@BLaw) August 12, 2025

Cooling CPI Data May Boost Rate-Cut Odds

The latest Consumer Price Index showed a 2.7% year-over-year rise in July, lower than the forecasted 2.8%. Monthly CPI eased to 0.2% from the previous 0.3%.

Based on reports, the data suggests Trump’s tariffs have not pushed inflation higher, undermining the Fed’s earlier caution on cutting rates. Trump said tariffs aren’t hurting consumers, claiming large amounts of cash are flowing into the US.

As of today, the market cap of cryptocurrencies stood at $4 trillion. Chart: TradingView

A rate cut in this environment could create a more favorable backdrop for crypto prices, as cheaper borrowing and weaker yields in traditional assets often drive more interest in alternative stores of value like Bitcoin and Ethereum.

Miran Backs Trump’s Economic View

Stephen Miran, Trump’s nominee for the Fed Board, told CNBC that inflation is “well behaved” and running at a 1.9% annualized rate since Trump took office. He stressed that CPI data rarely gets revised and there’s no sign of tariff-driven inflation.

His comments align with Trump’s position and add to the market’s expectations that the Fed may shift toward easing sooner. Crypto traders are watching closely, as a dovish Fed stance could ignite rallies across major tokens.

The combination of political heat, legal threats, and softer inflation data is putting Powell in a tight spot. If rate cuts arrive faster than expected, crypto markets could see a surge in momentum — and Bitcoin’s move toward $121,000 suggests investors may already be positioning for it.

Featured image from Meta, chart from TradingView

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Crypto Market saw another tense session on Wednesday. After a brief dump of Bitcoin to $115,000, it recovered after a few hours to return to its $118K support level. Traders are looking closely as BTC holds this level in their teeth despite the rising macro pressure. The broader market has shown fatigue, but the current problem is: What is the best cipher to buy in this environment?

24 hours7d30D1Yeverytime

The Federal Reserve announced Wednesday that it would not cut interest rates in July and remained stable between 4.15% and 4.25%. The decision came amidst rising tariffs amidst rising public pressure from the Trump administration, which has called for a 0.25% interest rate cut to protect economic growth. Federal Reserve Chairman Jerome Powell has pushed back, citing inflation risks and economic uncertainty caused by Trump’s tariff plans.

.@federalReservv Chair Jerome Powell: “Today, the Federal Open Market Committee has decided not to change our policy rates.” pic.twitter.com/fnlmx3nomn

– cspan (@cspan) July 30, 2025

Explore: Best New Cryptocurrencies to Invest in 2025

Bonk and useless: Still the best code to buy in a tired market?

Meme Coin Bonk lost key support at $0.0000328 just days ago, retesting its low level at around $0.000026, down more than 20%. But it’s now bouncing off and traded nearly $0.0000287. If they get back $0.0000328, the Bulls could be in charge. Essentially, Bonk’s growing ecosystem gives it an edge. The unique Launchpad, Letbonk has beaten Pump.fun in just a few weeks. Over 80% of graduated meme tokens are now born on Bonk’s Launchpad.

Is another name bouncing off? A useless coin. It’s back on the radar after a 38% drop from the $408 million ATH. Coins – half satire, half meme fuel – are accepted to the extent that they are looking for the next chat. Let’s be honest: If Fartcoin reaches $2.6 billion, why is it useless? It unfolds directly into a raw, sarcasmy and unfriendly meme meta. Staking, no claims, just pure community-driven confusion. For some, that’s the point.

As Ethereum gathers, 47% NFT sales surges in July – Is Opsy Airdrop behind the spikes?

by Fatima

NFT sales skyrocketed to $583 million, marking the second highest monthly total for 2025. This represents a 47.6% jump from $388.9 million in June due to rising ETH prices and a shift to high value assets. The Ethereum-based collection led the fees, accounting for a volume of $275.6 million, up 56% per month.

The number of transactions fell 9%, but the average selling price rose to a high of $113 in six months as buyers consolidated around premium NFTs. Some communities speculate that the surge could be linked to expectations for future open-sea airdrops. Opensea CMO Adam Hollander recently suggested that past activities and user profiles (such as OGS vs. Newcomers) could take distribution into account.

Meanwhile, platforms like Blur and Tookrare continue to lose ground, with the NFT lending market cratering 97% from its 2024 high. Despite the lack of buyers, the NFT’s market capitalization is at $8 billion, so bullish sentiment remains strong.

Sharplink purchased 11,259 ETH for $43 million and currently owns $17.3 billion

by Fatima

According to on-chain tracker Lookonchain, Sharplink (@sharplinkgaming) spent 43.09 million USDC and bought 11,259 ETH for an average price of $3,828.

This brings Sharplink’s total Ethereum holdings of 449,276 ETH, currently at around $1.73 billion. A considerable amount of purchase highlights the growing institutional trust in Ethereum as ETH approaches major resistance.

With this move, Sharplink has strengthened its position as one of the largest ETH owners and continues its strategic accumulation trend amid wider market volatility. LookonChain flagged the deal this week as part of a larger pattern of whales’ activity.

What’s next for Quant (QNT) Crypto? 10% down in one week

by Fatima

Quant (QNT) Crypto has dropped by more than 10% over the past seven days. The month has begun, and I have been 103 to 134 years old. This produced more than 30% of the pumps after introducing Quant Fusion, the first ever 2.5-layer.

Currently, the entire movement has been almost wiped out, with the coin currently at 118 and its market capitalization exceeding 1.7b.

Neutral Technical: Can I shift?

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U.S. Treasury Secretary Scott Bessent is calling for a review of the central bank’s operations as Federal Reserve Chair Jerome Powell faces mounting pressure to resign.

In a new interview with Bloomberg Television, Bessent says that the Federal Reserve is in need of deeper scrutiny as its budget and operations have expanded over the years.

Bessent’s comments come as President Donald Trump has said he hopes Powell quits and has also considered attempting to remove him, all while slamming the Fed chair for not cutting interest rates.

“The President has said he is not going to fire Chair Powell. I was somewhat surprised that [economist] Mohamed El-Erian came out and said that [Powell should resign]. And what I’ve come out and said is that I believe that it would do Chair Powell a favor, and he would be doing the institution a favor, if he did an internal review, separate monetary policy from everything else.

And this is something that [economist and former U.S. Secretary of the Treasury] Larry Summers and I agree on, is this mission creep from the Fed is endangering their independence of monetary policy, all these other things that they’re engaging in could threaten monetary policy.

It is a big, sprawling institution. The central budget for the board is up 4x since 2004, and every institution needs to examine themselves.”

Bessent also says he’d support Powell overseeing the agency’s review, despite the criticism he’s facing.

“It could be a committee. It could be a group. They could invite outside experts in. The Bank of England after the 2022 rate hike shock went back and did a very good examination of what went wrong with monetary policy that brought in outside experts. I think an internal review would be a good start. And if the internal review didn’t look like it was serious, then maybe their could be an external review.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The US Justice Department has closed its investigation into Kraken’s founder Jesse Powell, and returned dozens of laptops and mobile phones agents seized during an FBI raid two years ago, Fortune reported on July 22.

The federal case did not revolve around Kraken’s operations, but rather a bitter governance fight at the Verge Center for the Arts, a Sacramento nonprofit Powell founded in 2008.

News of the raid first surfaced in The New York Times, which reported that agents were probing allegations Powell had “hacked and cyber-stalked” the nonprofit.

Court filings since then depict something far less cinematic: a dispute over who controlled Slack and Google Workspace accounts after Powell was pushed off Verge’s board. 

Powell insisted he never cut off anyone’s access and argues instead that Verge insiders quietly created a new domain and parallel work accounts before moving to oust him. 

He is pursuing a civil lawsuit in state court, accusing former colleagues of defamation and wrongful removal.

Justice Department drops the case

Documents Powell filed this week include a so-called declination letter from prosecutors, confirming the Justice Department has walked away from the case.

His attorney said he requested the letter to counter the reputational damage caused by the raid and to reassure banks and regulators that Kraken’s leadership is not under federal scrutiny. 

Powell called the search “devastating” personally and professionally, maintaining that discovery in his lawsuit has already shown the accusations to be baseless.

The government’s exit does not resolve lingering questions. Neither the Justice Department nor the FBI would comment on how the Times obtained details of the investigation.

Powell’s latest filings also accuse two Verge board members, one of them attorney Phil Cunningham, of withholding key documents during discovery. 

Verge, meanwhile, continues to operate as a fixture of Sacramento’s arts scene, supported over the years by more than $1 million in donations and extensive tech assistance from Powell. 

Notably, Powell declined to say whether the returned devices held Bitcoin or other digital assets. When agents seized the hardware, Bitcoin (BTC) traded near $23,000. As of press time, BTC trades near $119,000.

Mentioned in this article

The Chair of the Federal Reserve says financial markets are dealing with a unique set of circumstances that may be contributing to dollar weakness.

In a recent testimony to the US Senate, Powell tells members of the Senate’s banking panel that while the US dollar appears to be doing better, the Fed has yet to formally form an opinion on the matter.

“I would go back to the thought that markets have been digesting an unusually challenging set of circumstances and have reacted the way they reacted. The dollar has kind of stabilized just now, in fact it’s moved back up in the last couple of weeks a bit. There are plenty of people who are still writing that the dollar is still overvalued, we don’t have a view on that of course…

I don’t really have an official view I’d like to share, [but] I think there are possible explanations…one of which is that people still feel the dollar is highly valued, but we’ll see.”

Touching on the subject of tariffs, Powell says markets are in uncharted territory since tariffs have only ever been going down for many decades.

“We’ve been going through a long period where tariffs have been going down. Since World War 2 really, it’s been a process of lowering tariffs globally…

There isn’t a lot of modern learning on that. One of the reasons 1750875178 is so challenging is that we don’t have modern precedent.”

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US President Donald Trump has more insults for Federal Reserve Chair Jerome Powell.

At a bill signing ceremony on Thursday, Trump claimed the government would save $600 billion a year in short-term debt payments if Powell lowered the federal funds rate by 2 percentage points.

In May, the Federal Open Market Committee (FOMC) announced that it planned to maintain the target range for the federal funds rate at 4.25-4.5%, arguing that it was the most suitable level to achieve both maximum employment and controlled inflation. The Fed has held interest rates steady since December, when it cut the rate by 0.25%.

Trump says he’s not planning on firing Powell, but he slammed the Fed chair for not adjusting course.

“We’re going to spend $600 billion a year – $600 billion – because of one numbskull that sits there [and says] ‘I don’t see enough reason to cut the rates now.’ And the problem he’s got, and I explained to him… cut your rates now, there’s no inflation. We got it down, we got prices down.” 

Inflation rose by 2.4% in May, according to the Bureau of Labor Statistics. That was slightly less than the 2.5% increase predicted by economists, CBS reports.

Powell met with Trump last month following a barrage of insults from the president. The Fed, however, noted in a statement following the meeting that Powell did not discuss interest rate expectations with the president.

“At the President’s invitation, Chair Powell met with the President today at the White House to discuss economic developments, including for growth, employment, and inflation.

Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.

Finally, Chair Powell said that he and his colleagues on the Federal Open Market Committee (FOMC) will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis.”

Trump has repeatedly criticized Powell for not slashing interest rates, saying earlier in May that communicating with the Fed chair was “like talking to a wall.”

“The Bank of England cut. China cut. Everybody’s cutting but him. I don’t know, we’ll see what happens. It’s a shame. I call him ‘Too Late.’ Too Late Powell, that’s his nickname. And it’s a shame, it’s ridiculous… he’s always too late. But in this case, it’s not going to matter that much because our country is so strong, we’re so powerful in terms of economic strength and what we’ve done.” 

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