Bitcoin hovers around $77,000 with narrow fluctuations, focus on Kevin Wirth's official appointment as Federal Reserve Chair

Bitcoin continued to fluctuate narrowly around $77,000 in the US morning trading on Friday, with overall stability. At the same time, the University of Michigan's May Consumer Sentiment Index unexpectedly dropped to a historic low of 44.8, well below expectations; the one-year and five-year inflation expectations rose to 4.8% and 3.9%, respectively, indicating increased market concerns about stagflation.
Kevin Wirth will be officially sworn in as Federal Reserve Chair at the White House on Friday morning. President Trump previously appointed Wirth, and the market initially expected him to push for rate cuts, but amid the current Iran conflict pushing oil prices higher and inflation pressures rising, rate traders have priced in a greater than 70% chance of one or more rate hikes before the end of 2026.
Currently, Bitcoin's price movement remains relatively stable, mainly influenced by macroeconomic data and Federal Reserve policy expectations. The decline in consumer confidence combined with rising inflation expectations puts policy pressure on the new Fed Chair and makes the market more cautious about future monetary policy paths. Cryptocurrency prices are sensitive to macro policies, interest rate expectations, and geopolitical factors, and may continue to fluctuate in the short term.
The above content is based on publicly available market information for reference only and does not constitute any investment advice or financial opinion.
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