Bitcoin (BTC) is holding near $77,000 as traders flip bullish ahead of Jerome Powell's final press conference as Federal Reserve chair on Wednesday.
Bitcoin Steadies Above $77,000
The token has rallied close to 15% over the past month, while the broader crypto market has added roughly $400 billion in value since February.
US spot Bitcoin exchange-traded funds pulled in over $2 billion in net inflows in April, the second straight month of positive flows after March's $1.3 billion gain.
Still, BTC remains down close to 40% from its October peak.
"The sellers who were spooked by macro shifts or quantum fears have already exited," Split Research founder Zaheer Ebtikar said in a note. "Bitcoin has found a stable floor."
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Powell's Swan Song Looms
Markets price a near-100% chance the Fed holds rates at 3.50% to 3.75% on Wednesday, leaving Powell's tone as the main catalyst. His term as chair ends May 15, with Kevin Warsh lined up as successor.
Economist Ed Yardeni expects Powell to flag rising inflation risks, citing Brent crude back above $100 a barrel as US-Iran talks stall.
Bitcoin has fallen within 48 hours of eight of the last nine FOMC decisions, a "sell-the-news" pattern that traders are watching closely. The token hit an all-time high above $126,000 last October before pulling back through the winter on slowing rate cuts and geopolitical strain.
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