Trump 'Has No Intention' to Fire Jerome Powell as Bitcoin Reaches 94,000 USD, Oil Rises, Gold Drops

Bitcoin continued its bullish trend on Tuesday, reaching a level of 94,205 dollars and achieving an increase of 11.8% over six days. This move coincided with a broad asset bullishness following the White House's softer rhetoric on the Federal Reserve's policy and U.S.-China trade tariffs. Powell safe, tariffs cool down President Trump declared on Tuesday that he "has no intention" of firing Federal Reserve Chairman Jerome Powell, although he reiterated his desire for stronger interest rate cuts. The statements from the Oval Office mark a shift from previous years when Trump openly criticized Powell and made unverified proposals to legally demote him from his position as Governor. The Treasury Department reiterated a change in tone. Secretary Scott Bessent signaled the possibility of easing tariff barriers with China, stating that while "trade negotiations will be very difficult," "escalation in the near future is expected." This statement is the first declaration from the administration outlining the prospect of tariff removal since the 2024 election. The average tariff of America on imports from China remains at 145%, while China's retaliatory tariff is 125%, both of which are significantly higher than the pre-trade war levels of 21% and 17%, respectively. The stock standards of America soared in response. The S&P 500 rose 2.5% on April 22, the Dow increased by 2.7%, and the Nasdaq closed up 2.7%, marking the largest daily gain since the regional banking stress in 2023. Bitcoin's bullish phase is detached from the macro. The bullish phase of Bitcoin occurred alongside these developments but showed minimal correlation with other major assets. Over the past week, the data indicated only a slight connection with oil, gold, and the S&P 500. These indicators suggest an asset that primarily operates based on the underlying narratives of cryptocurrency, such as the inflow of ETF funds and positioning after the halving. However, the recent breakout above the resistance level of 88,000 dollars, which now acts as a support level, has occurred with relatively low accompanying volume, indicating that this move may be driven more by price acceptance rather than aggressive buying.

Short-term momentum remains intact, with the one-day moving average sloping upwards below spot. However, raw volume continues to decline, indicating that traders are not actively pursuing this move. Volatility remains suppressed, with the daily standard deviation converted to an annual rate of 1.9%. This level of calm is uncharacteristic for Bitcoin, which typically sees actual daily volatility exceeding 4%. Narrow bands create a stable appearance but can lead to sudden revaluation. The current low-volatility environment may create attractive leverage conditions for risk managers, although history warns against prolonged complacency in the cryptocurrency market. Wider impacts and repricing risks The synchronized bullish of the market added $1.8 trillion to the value of global stocks in 24 hours, but the disagreement with macro fundamental factors is notable. The IMF's downgrade of global growth to 2.8% by 2025 is partly due to disagreements over trade policy. Therefore, any specific timeline for tariff cuts could serve as a more sustainable catalyst rather than verbal cues. At the same time, Powell's Fed must face its own balancing act. The minutes from the March FOMC meeting indicate a priority to maintain interest rates in a cautiously optimistic context. Trump's statement, although considered, creates new public pressure for policy adjustments. The legal threshold for dismissing the Fed chair is still unclear, but the political implications add complexity to upcoming monetary decisions. The yield on Treasury bonds has slightly decreased following the president's speech, and the Swiss franc as a safe haven continues to be bullish, reaching a decade-high of 0.83 CHF/USD. According to Chris Turner of ING, the appreciation of the franc indicates that the market is hedging against a prolonged stagnation, even as stocks and cryptocurrencies exhibit bullish behavior. Bitcoin's separation from traditional assets highlights its role as a perceived monetary hedge during periods of ambiguous policy. The calm bullish trend of BTC may continue if the normalization of tariffs is accelerated and the autonomy of central banks is maintained. Looking forward While cryptocurrency traders absorb the macro offerings, key inflection points remain. The market is awaiting any specific trade action from USTR or the Department of Commerce. Within the Fed, internal resistance to politicized monetary policy may arise in future meetings. Meanwhile, Bitcoin near the psychological threshold of $95,000 provides a technical test for bullish sentiment. Currently, this digital asset appears to be supported by a combination of macro revaluation, low volatility, and structured flows. With demand driven by ETFs and the halving narrative having eased but still present, traders tracking the continuation may want to confirm through expanding volume and a clear breakout level of $95,000. Whether the latest growth momentum of cryptocurrency can be sustained may depend less on fundamental factors and more on whether the tone shift this week proves to be a sustainable policy or just a temporary pause.