Crypto Market Overview: Bitcoin builds momentum alongside ONDO and PUMP gains

• Bitcoin edges higher toward $65,000 despite Fed's split vote on monetary policy direction.
• ONDO extends its breakout above major moving averages as bulls target highs above $0.45.
• PUMP continues to trend higher within an ascending channel, firmly underpinned by the 50, 100, and 200 four-hour EMA support.

The cryptocurrency market continues to build momentum on Thursday as selling pressure subsides. Bitcoin (BTC) has notched three straight days of gains and is currently trading above $64,000, with bulls eyeing a potential breakout above the immediate $65,000 resistance.

Altcoins are following suit, with Ondo (ONDO) consolidating its breakout above $0.40 and Pump.fun (PUMP) approaching the key $0.0020 level.

Crypto market rises despite Fed’s hawkish tone, US-Iran tensions

The Federal Reserve (Fed) held interest rates steady at 3.50%-3.75% on Wednesday, aligning with market expectations. Notably, three Federal Open Market Committee (FOMC) members dissented, calling for a 25 basis-point hike.

Fed Chair Kevin Warsh struck a distinctly hawkish tone during the post-meeting press conference, reaffirming the central bank’s unwavering commitment to achieving its 2% inflation target.

By prioritizing underlying economic fundamentals over near-term volatility, sustaining higher nominal and real yields, and engaging in robust policy discourse, the central bank signals its intent to maintain restrictive financial conditions for an extended duration.

Meanwhile, the CME FedWatch Tool shows that market participants are pricing in a 59% chance that the Fed will hike interest rates by 25 basis points in the next review cycle on September 16.

Geopolitical tensions in the Middle East intensified mid-week, following a significant wave of United States (US) airstrikes on strategic sites in southern Iran, including Bandar Abbas, Kish, and Qeshm Island.

Moreover, reports indicate a US-owned vessel caught fire in a suspected drone attack at an Egyptian port, although local authorities have yet to confirm the cause.

The crypto market’s resilience remains evident as geopolitical tensions escalate, weighing on risk assets. According to the Fear & Greed Index, sentiment is embedded in the fear territory at 28 on Thursday, down only marginally from 29 the previous day. If appetite deteriorates further, the ongoing lock-step recovery may lose momentum.

Technical analysis: Bitcoin ticks up as $64,000 support holds

Bitcoin trades toward $65,000, maintaining a capped tone as it sits just under the 50-day Exponential Moving Average (EMA) at $64,947 and well below the 100 and 200-day EMAs at $67,536 and $73,094, respectively.

The pair holds modestly above the Bollinger Bands middle boundary near $64,528, suggesting near-term support, while the Relative Strength Index (RSI) around 53 on the daily chart points to neutral-to-slightly constructive momentum. At the same time, the Moving Average Convergence Divergence (MACD) histogram is drifting in negative territory on the same time, hinting at still-fragile upside conviction.

Immediate resistance is defined first by the 50-day EMA at $64,947, followed by the Bollinger upper boundary near $66,371, with additional supply expected around the 100-day EMA at $67,536 and the more distant 200-day EMA at $73,094. On the downside, initial support is seen at the Bollinger mid-line around $64,528, with a deeper cushion near the lower band at $62,684. A clear break below this latter zone would open the door to a more pronounced pullback within the broader range.

Altcoins technical outlook: ONDO and PUMP bulls tighten grip

ONDO trades around $0.42, extending a bullish bias as the price holds above the cluster of moving averages , with the 50-day EMA near $0.34, the 100-day EMA around $0.35 and the 200-day EMA close to $0.38, all turning into underlying support after the recent breakout.

The reclaimed descending trendline, with a break point near $0.42, now reinforces the constructive structure, while the RSI hovers in bullish territory around the mid-60s on the daily chart and the MACD stays positive with a mildly expanding histogram, suggesting sustained upside momentum rather than exhaustion.

On the downside, initial support lies at the former trendline break area around $0.42, where dips could find early buyers, followed by the 200-day EMA near $0.38 and the 50-day EMA closer to $0.36. A deeper pullback toward the 100-day EMA around $0.35 would still leave the broader uptrend intact. Holding above these layers of demand keeps the path open for further gains above the next psychological level at $0.45.

PUMP, on the other hand, trades at $0.0019, hovering around the 200-day EMA at $0.0019 and lacking a clear directional break. The pair holds above both the 50-day and 100-day EMAs, clustered near $0.0017, which suggests underlying demand but not yet a decisive bullish trend.

The RSI at 57 leans constructive without entering overbought territory, while the MACD hovers around the zero line with a flat profile, hinting at subdued momentum rather than a strong impulsive leg.

Initial resistance aligns with the upper boundary of the upward parallel channel at $0.0023, a level that caps the recent range and would need to be reclaimed to open the way toward a more directional advance. On the flip side, immediate support lies at the clustered 50-day and 100-day EMAs around $0.0017, where a daily close below this zone would weaken the current neutral stance and expose the pair to a deeper corrective phase within the broader range.

(The technical analysis of this story was written with the help of an AI tool. Know more.)