$BTC 4/28 Crypto Market Analysis

Today, the crypto market saw a sharp plunge from the highs and a broad pullback across the board. After BTC surged to 79,500 overnight, it sharply reversed downward at a cliff-like drop, with shorts returning to dominate the market. Bitcoin is currently trading around $77,000, down about 2.1% over the past 24 hours, with an intraday low of 76,450, as heavy selling pressure clustered near the highs is being released. Ethereum also fell in sync, down to $2,280, nearly a 3% drop. Major coins generally declined 3%-5%, while the altcoin sector was hit hard, with panic driving funds to flee.
Across the entire market, total liquidations over the past 24 hours exceeded $350 million. Short liquidations surged, and high-leverage positions were liquidated in batches at the highs. The Fear & Greed Index is 37, entering the fear zone. On the news front, the FOMC rate decision meeting is approaching early tomorrow. The market expects the Federal Reserve to turn more hawkish and delay rate cuts, with a stronger U.S. dollar pressuring risk assets. In addition, capital inflows into the BTC spot ETF have slowed, and institutions are adopting a wait-and-see stance.
Technically, BTC’s daily chart shows a large bearish breakdown. A head-and-shoulders pattern is forming on the 4-hour chart. Resistance lies at 78,000-78,500, while key support is at 76,000 and 75,000. ETH faces resistance at 2,320-2,350, with support at 2,250-2,200.
In the short term, bearish strength remains dominant—be cautious of further downside. Don’t catch the bottom. For short-term rebounds, sell into strength, use strict stop-losses, and wait for signals that a pullback has stabilized.
⚠️ Risk Reminder: Crypto volatility is extremely high. The above is for market analysis only and does not constitute investment advice.