According to Greeks.live, the Consumer Price Index (CPI) data slightly exceeded expectations, causing Bitcoin (BTC) to briefly hit $94,000. However, major cryptocurrencies rallied back to this week's highs, driven by Federal Reserve Chairman Powell's favorable crypto speech and other market factors. Additionally, major term option implied volatilities are currently lower than recent levels, indicating a potential decrease in market volatility. This suggests traders may anticipate a period of relative stability following recent price swings.

According to Crypto Rover, Federal Reserve Chairman Powell stated that the FED will not restrict banks from serving customers involved in legal cryptocurrency activities. This development is considered very bullish for the crypto market as it may encourage more institutional participation and increase liquidity. Such regulatory clarity can potentially lead to a more robust integration of cryptocurrencies into the traditional financial system, benefiting traders by potentially reducing volatility and increasing market depth.

According to Mihir (@RhythmicAnalyst), there is a noticeable shift in the perception of Jerome Powell's decision not to raise interest rates in 2021. Compared to Europe's strategy, Powell's actions now appear more prudent. This perspective is crucial for traders who monitor monetary policy impacts on cryptocurrency markets, as interest rate decisions can significantly influence market liquidity and investor sentiment.

According to Cas Abbé, the Altcoin market cap has retested its 2021 highs and has been consolidating for nearly two months. Despite bullish events such as Trump's cryptocurrency purchases and the approval of Altcoin ETFs, these have not yet been reflected in the market. The upcoming FOMC meeting is expected to have a bullish tone from Powell, which could potentially trigger a reversal in Altcoin prices within 8-10 days.

According to Greeks.live, the trader and researcher Fofty is highly recommended to follow. They suggest that $IWM might be a signal for a $BTC bid. Last week, following dovish comments from Powell, $IWM outperformed $SPY and $QQQ, gaining 3% compared to their 1% gains.