Crypto Market Slips Again as Bitcoin Hovers Around $84,000

The cryptocurrency market declined for the second day on Friday, reacting to the Federal Reserve’s decision to keep interest rates unchanged and President Donald Trump’s latest remarks on crypto.

Bitcoin (BTC) remained flat over the past 24 hours, trading around $84,000, while Ethereum (ETH) edged up 0.4% to $1,962. Meanwhile, XRP declined 0.4% to $2.39, and Solana (SOL) slipped 0.6% to $126.

The total cryptocurrency market cap dropped by 2.8% in the past 24 hours to $2.85 trillion, according to CoinGecko. Liquidations totaled $172 million across 87,859 traders, with ORCA leading at $42 million, followed by BTC at $32 million.

Experts cite the Federal Reserve’s rate decision and ongoing regulatory uncertainty as key drivers of the market downturn. However, some believe that this is a temporary correction, predicting a potential rally ahead.

Market Predictions

“Not much has changed in the wave count over the past week, as the market showed little reaction to Trump’s latest pro-crypto comments at the Digital Asset Summit,” said John Glover, Chief Investment Officer at Ledn. “The key question remains whether wave 4 has completed or if another dip is ahead before the wave 5 rally begins.”

In Elliott Wave Theory, wave 3 represents the strongest upward phase, often pushing an asset to new highs. Wave 4 signals a corrective period of consolidation, while wave 5 marks a potential bullish reversal and the final phase of the pattern.

Glover expects a wave 5 rally to push Bitcoin to $130K–$135K, with the cycle potentially completing in Q1 2026.

“As always, you need to know where you have to throw in the towel and admit defeat, and in this case, that would be a close below $62K. That’s not something I’m expecting,” he added.

Trump’s Comments and Fed Decision

At the Digital Asset Summit (DAS) in New York, former President Donald Trump reiterated his strong support for the cryptocurrency industry, pledging to position the United States as a global leader in digital assets.

Meanwhile, the Federal Reserve concluded its latest meeting by maintaining the federal funds rate at 4.25% to 4.50%. The decision reflects the central bank's cautious approach amid ongoing economic uncertainties, including inflation and labor market conditions.