The Fed on the horizon, Bitcoin Slips
Bitcoin traded slightly lower on Wednesday (April 29th) as markets awaited the Federal Reserve's policy decision and weighed geopolitical risks from a potential extension of the US blockade of Iran. BTC was last down 0.3% at US$76,095 at 9:47 a.m. ET, with market participants tending to hold positions ahead of the US central bank's latest signals.
The Fed is widely expected to hold interest rates, but the primary focus will be on policy guidance amid a surge in oil prices that has reignited global inflation concerns. This meeting is also seen as potentially the last led by Jerome Powell, with Kevin Warsh mentioned as a leading candidate to succeed him.
On the geopolitical front, a Wall Street Journal report stated that President Donald Trump instructed his team to prepare for a prolonged blockade of Iran, preferring economic pressure over new military escalation or withdrawal from the conflict. The report follows the US rejection of Iran's three-step proposal offering to open the Strait of Hormuz while postponing nuclear talks. These tensions have kept oil prices above US$110/barrel, adding to uncertainty for risk assets.
Crypto trading was also marked by significant liquidations, with total liquidations reported exceeding US$290 million in the past 24 hours. Technically, market participants assess Bitcoin as remaining in a range, with resistance around US$80,000 and the US$76,000–US$77,000 area as the closest support area.
Altcoins tended to move within a range: Ethereum fell around 0.3% to US$2,279.92, XRP remained relatively flat at US$1.37, while Solana and Cardano each fell 0.7%, and Polygon remained stable. In the meme token segment, Dogecoin surged more than 4% amidst still cautious trading. (Arl)
Source: Newsmaker.id
