Analysis: Bitcoin positions around $77,000 range, Powell's "final FOMC" adds market uncertainty
Odaily reported that Bitcoin maintained a consolidating session above $77,000 on Wednesday, with the market remaining cautious 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, and was last reported at around $77,100.
This FOMC meeting is viewed as a key juncture. The market widely expects interest rates to remain unchanged, but the real focus is on whether Federal Reserve Chairman Jerome Powell will signal a "higher-for-longer" hawkish stance. Additionally, this meeting could be his last as Fed Chair, and the market is simultaneously pricing in the uncertainty surrounding policy and a potential power 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 net outflows of approximately $89.68 million, with BlackRock's IBIT seeing a single-day outflow of about $112 million. Concurrently, Ethereum ETFs also registered a net outflow of $21.8 million.
On-chain data also signals caution. CryptoQuant noted that on April 27, exchange net inflows reached 9,905 BTC, the largest single-day inflow in the past 30 days. Exchange reserves have also rebounded recently. If these inflows are not quickly absorbed, the price could retest the $74,000–$75,000 support range.
On the macro level, fluctuations in crude oil prices and changes in the Middle East energy landscape continue to influence inflation expectations. Some analysts suggest this could limit the Fed's future room for easing. Meanwhile, market liquidity continues to weaken, with institutional trading volumes and perpetual contract activity remaining low, meaning any policy surprise could amplify price volatility.
Overall, Bitcoin remains in a "low liquidity + high event risk" structure. In the short term, it may continue to oscillate within the $72,000 to $80,000 range, awaiting further clarification on the Federal Reserve's policy trajectory. (The Block)
