Bitcoin Drops Under $65K While Ethena, XLM Rally

Key Moments

Fed Chair Warsh Strikes Hawkish Tone

Bitcoin hovers below $65,000 on Thursday after a hawkish policy signal from new Federal Reserve Chair Kevin Warsh on Wednesday. Warsh attended his first Federal Open Market Committee (FOMC) meeting as Chairman, where the committee kept interest rates steady in a range of 3.50%-3.75%.

The FOMC reiterated its 2% inflation objective while announcing a shift to shorter policy statements that will no longer include the “Forward guidance” section. This change is expected to increase market uncertainty. The overall hawkish stance from Warsh’s Fed has contributed to a mild risk-off tone across financial markets.

Mixed Crypto Market: Bitcoin Softens, Utility-Focused Altcoins Advance

The broader cryptocurrency landscape remains split. Bitcoin (BTC) has slipped under $65,000 on Thursday in the wake of Warsh’s remarks, while select altcoins including Ethena (ENA) and Stellar (XLM) continue to climb. Short-term buying interest is being supported by demand for altcoins with real-world use cases, particularly those connected to stablecoins or tokenized stocks or bonds.

Bitcoin Technical Picture: Risk of Retest Toward $60,000

Bitcoin retains a mildly bearish near-term tone as it trades beneath the $65,000 level. At the time of writing, BTC is positioned below its 50-, 100-, and 200-day Exponential Moving Averages, which are clustered at $70,067, $72,858, and $78,283, respectively. This configuration underlines a constrained upside profile while prices stay suppressed under these key moving averages.

The latest recovery has pushed the Moving Average Convergence Divergence (MACD) indicator back into positive territory, indicating a corrective rebound. However, the Relative Strength Index (RSI) near 39 signals subdued demand, implying that any rallies are likely to encounter selling interest while spot remains capped beneath the overhead EMAs and the previously violated rising trendline around $72,949.

On the downside, immediate support is located near a shorter rising trendline around Wednesday’s low at $63,915. This zone protects a deeper structural base at $60,000 should renewed selling pressure emerge.

BTC/USDT daily price chart.

Ethena Edges Toward $0.1000 as Momentum Improves

Ethena is inching closer to the $0.1000 psychological threshold on Thursday, building on a 10% jump recorded the previous day. At press time, ENA has marginally moved above its 50-day EMA at $0.0961, while still trading comfortably below the 100-day EMA at $0.1106 and the 200-day EMA at $0.1573. These longer-term averages continue to cap the broader trend, but the short-term structure allows for a modest recovery bias.

The RSI, hovering around 55, leans slightly to the bullish side of neutral. At the same time, the MACD is climbing above its signal line, suggesting that prior downside momentum has faded and that dip-buying interest is beginning to appear above the shorter-term average.

On the topside, the 100-day EMA at $0.1106 represents a key dynamic resistance level that has already rejected roughly three previous bullish attempts. A firm close above this moving average could clear the way toward the February 2 high at $0.1448.

On the downside, the immediate level to watch is the 50-day EMA at $0.0961. A clean break below this area would undermine the emerging constructive tone and could leave ENA vulnerable to a deeper pullback.

ENA/USDT daily price chart.

Stellar Extends Five-Day Rally Above $0.2400

Stellar trades above $0.2400 at the time of writing, marking a fifth consecutive session of gains and reinforcing a bullish bias. XLM is holding well above its 50-, 100-, and 200-day EMAs, which are clustered in a band between roughly $0.18 and $0.20. In addition, the rising 50-day and 200-day EMAs are moving closer to a potential Golden Cross configuration, a pattern that can indicate the emergence of a longer-term upside trend.

The RSI near 66 underscores strong positive momentum, while the MACD’s move above its signal line signals renewed upside impetus with buyers retaining control.

On pullbacks, immediate support is identified at the 200-day EMA near $0.1980, with the 50-day EMA around $0.1890 and the 100-day EMA close to $0.1840 creating a broader demand zone on dips.

XLM/USDT daily price chart.