Analysis: Bitcoin Stabilizes Around $77,000 Range; Powell's "Last FOMC" Adds to Market Uncertainty
Odaily reports that Bitcoin held steady 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 during the session, and was last trading near $77,100.
This FOMC meeting is seen as a key juncture. The market widely expects interest rates to remain unchanged, but the real focus is on whether Fed Chair Jerome Powell will signal a "higher-for-longer" stance. Furthermore, this could be his last meeting as Fed Chair, and the market is simultaneously pricing in the uncertainty of a potential power transition.
On the capital front, US spot Bitcoin ETFs saw a reversal after nine consecutive days of net inflows. SoSoValue data shows that on April 28, ETFs recorded a net outflow of approximately $89.68 million, with BlackRock's IBIT experiencing a single-day outflow of about $112 million. The Ethereum ETF also saw net outflows of $21.8 million.
On-chain data also reveals cautious signals. CryptoQuant noted that on April 27, net inflows to exchanges reached 9,905 BTC, the largest single-day inflow in nearly 30 days. Exchange reserves have also rebounded recently. If these inflows are not absorbed quickly, the price could retest the support range of $74,000–$75,000.
On 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 future room for easing. Meanwhile, market liquidity continues to weaken, with institutional trading volumes and perpetual contract activity both at low levels, 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 fluctuate within the $72,000 to $80,000 range, awaiting further clarity on the Fed's policy path. (The Block)
