Bitcoin ‘trapped below’ key resistance level as ETF outflows stretch to three days amid Fed split
Bitcoin remains below key resistance around $78,000-$79,000 due to Federal Reserve uncertainty and three days of ETF outflows.Summary
Bitcoin is currently trading around $76,100, struggling to break above a key resistance level between $78,000 and $79,000. This price action follows the Federal Reserve's decision to keep interest rates unchanged, but the market's focus has shifted to internal divisions within the Fed, particularly concerning potential policy discord with Jerome Powell's continued presence alongside Kevin Warsh's expected leadership. Analysts suggest this uncertainty, coupled with the Fed's higher-for-longer stance on interest rates, is creating macro caution and hindering Bitcoin's upward momentum. Adding to the bearish sentiment, U.S. spot Bitcoin ETFs have experienced three consecutive days of net outflows, totaling $138 million as of April 29, indicating a weakening demand and a more cautious institutional approach. While support levels are noted between $65,000 and $70,000, and selling pressure is easing, the current demand is insufficient for a sustained rally, leaving Bitcoin in a range-bound, indecisive market.
(Source：The Block)