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Analysis: Bitcoin positions itself around $77k, and Powell's "last FOMC" increases market uncertainty
Odaily Planet Daily News: Bitcoin maintained above $77,000 on Wednesday, fluctuating and consolidating, as the market remains cautious ahead of the Federal Reserve’s interest rate decision. According to market data, Bitcoin traded within a range of approximately $75,689 to $77,837 during the session, with the latest price around $77,100.
This FOMC meeting is seen as a key milestone, with the market generally expecting interest rates to remain unchanged, but the real focus is on whether Federal Reserve Chair Jerome Powell signals a “higher-for-longer” hawkish stance. Additionally, this could be his last meeting as Fed Chair, with the market pricing in policy uncertainties and potential leadership transition.
On the liquidity front, the US spot Bitcoin ETF experienced a reversal after nine consecutive days of net inflows. Data from SoSoValue shows that on April 28, the ETF saw a total net outflow of about $89.68 million, with BlackRock’s IBIT experiencing a single-day outflow of approximately $112 million, and Ethereum ETFs also recording a net outflow of $21.8 million.
On-chain data also indicates cautious signals. CryptoQuant pointed out that on April 27, exchange net inflows reached 9,905 BTC, the largest single-day inflow in nearly 30 days. Exchange reserves have also recently increased; if not quickly absorbed, the price could test support levels around $74,000–$75,000.
From a macro perspective, fluctuations in crude oil prices and changes in Middle Eastern energy dynamics continue to influence inflation expectations. Some analysts believe this may limit the Federal Reserve’s future easing space. Meanwhile, market liquidity remains weak, with institutional trading volume and perpetual contract activity both at low levels, making any policy surprises likely to amplify price volatility.
Overall, Bitcoin remains in a “low liquidity + high event risk” structure, likely to oscillate between $72,000 and $80,000 in the short term, awaiting further clarity on the Fed’s policy path. (The Block)