The recent market trend needs to be clearly understood. The continuous nine-day net inflow of the US spot Bitcoin ETF has suddenly halted, with a net outflow of 263.2 million recorded on April 27, just before the Federal Reserve FOMC meeting. Funds collectively paused and waited, pouring cold water on the April rebound.

Although Bitcoin fell back below 77,000, it still rose about 15% throughout April, reaching a high of over 79,000. However, the outflow of ETF funds coincided with major events like the Federal Reserve, inflation data, and tech earnings reports, causing the market to become hesitant. Institutions generally believe that now is a mix of bullish momentum and cautious sentiment; buying looks strong, but speculative trading volume and activity can't keep up, making it impossible to push prices significantly.

BRN analysts mentioned that there are too many cross factors in the market, so it doesn't qualify as a pure bull market. People are somewhat "war fatigue" about the Middle East situation, and central banks are bouncing between inflation and economic confidence, with policy uncertainty weighing heavily on the market. Glassnode also said Bitcoin is in a consolidation phase, with strong buying offset by weak speculative sentiment, preventing it from rising further or falling deeper.

Institutional views are consistent: QCP Capital states that the CME gap at 82,000 is the real test; GSR also indicates that 80,000 is a key psychological threshold. In simple terms, bulls and bears are tugging between 76,000 and 79,000, neither daring to act decisively, just waiting for the Fed to set the tone.

In terms of trading, avoid heavy positions or all-in bets; both bulls and bears should keep positions light. The strong resistance is at 80,000-82,000, and support is at 75,000-76,000. Breakouts on either side can be followed up later. Currently, sentiment is cautious, and trading volume is low; any news could amplify volatility. Don't get caught in oscillations and be repeatedly liquidated.