Analyst: Bitcoin price tests above $78,000, FOMC meeting may be the key catalyst

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According to CryptoNews, the Bitcoin price is currently testing above $78,000. The current trading price is around $76,863, up less than 1% from the previous trading day. Over the past two months, Bitcoin has formed an upward channel and is currently approaching the upper boundary of $77,500. The 4-hour MACD histogram has turned negative, indicating that upward momentum is weakening. The FOMC meeting from April 28 to 29 is considered a key catalyst that could affect Bitcoin’s price trend. Based on CryptoNews data, spot Bitcoin ETFs recorded cumulative inflows of $243 million over the eight days before April 23, indicating strong institutional demand. Despite this, Glassnode’s on-chain data shows that short-term holders are using ETF demand as exit liquidity in the $78,000 to $80,100 range.

BTC-2.08%
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