Bitcoin ETF outflows snap nine-day streak ahead of FOMC as market tests resolve near $77,000

Bitcoin's price retreated below $77,000 following a significant shift in institutional momentum, as U.S. spot Bitcoin ETFs recorded $263.2 million in net outflows on April 27. This event ended a nine-day streak of inflows and comes at a critical time as markets prepare for the Federal Open Market Committee (FOMC) meeting and other major macroeconomic data releases.

Analysts from various firms, including Glassnode and QCP Capital, suggest a complex market environment. While there is evidence of firm buy-side pressure, trading activity and speculative participation have softened compared to earlier in the month. Key psychological and technical levels to watch include $80,000 and $82,000, with some analysts noting that the current price action is caught in a liquidation cluster between $76,000 and $80,000.

Despite the immediate caution, the long-term outlook remains varied. Some market participants point to bullish structural factors, such as potential policy shifts regarding a strategic Bitcoin reserve, while others remain wary of central bank decisions and geopolitical tensions that continue to influence liquidity and market volatility.

(Source：The Block)