**Analysis: Bitcoin Holds at $77,000 Range, Powell's "Last FOMC" Adds Market Uncertainty**

Odaily Planet Daily News: Bitcoin maintained a consolidation pattern above the $77,000 mark on Wednesday, as the market adopted a cautious stance ahead of the Federal Reserve's interest rate decision. According to market data, Bitcoin fluctuated within a range of approximately $75,689 to $77,837 during the session, and was last reported around $77,100.

This FOMC meeting is viewed as a critical juncture. The market widely expects interest rates to remain unchanged, but the real focus lies on whether Fed Chair Jerome Powell will signal a "higher-for-longer" hawkish stance. Additionally, this could potentially be his last meeting as Fed Chair, with the market simultaneously pricing in uncertainties surrounding policy direction and potential leadership transition.

On the capital flow front, US spot Bitcoin ETFs saw a reversal after nine consecutive days of net inflows. Data from SoSoValue shows that on April 28, ETFs recorded a net outflow of approximately $89.68 million. Notably, BlackRock's IBIT saw a single-day outflow of about $112 million, while Ethereum ETFs also registered a net outflow of $21.8 million.

On-chain data also signals caution. CryptoQuant noted that exchange net inflows reached 9,905 BTC on April 27, marking the largest single-day inflow in nearly 30 days. Exchange reserves have also rebounded recently. If these inflows are not quickly absorbed, the price could retest the support range of $74,000–$75,000.

At the macro level, fluctuations in crude oil prices and changes in the Middle East energy landscape continue to impact inflation expectations. Some analysts believe this could limit the Fed's room for future easing. Meanwhile, market liquidity continues to weaken, with institutional trading volumes and perpetual contract activity remaining low, meaning any policy surprises could amplify price volatility.

Overall, Bitcoin remains in a "low liquidity + high event risk" structure. It may continue to consolidate within the $72,000 to $80,000 range in the short term, awaiting further clarity on the Federal Reserve's policy path. (The Block)