Bitcoin (BTC) has rebounded to hold firm near the $77,000 level as traders eagerly await the outcome of the Federal Open Market Committee (FOMC) meeting, which will feature Jerome Powell's final press conference as Federal Reserve chair. The move is seen as a sign of renewed confidence, with market structure improving and bullish momentum building.
According to Split Research founder Zaheer Ebtikar, the market is signaling a maturation. "The sellers who were spooked by macro shifts or quantum fears have already exited," Ebtikar said in a note shared with DL News. "Bitcoin has found a stable floor and moved away from headline-driven drama and toward a more mature phase of growth." This analysis is supported by the price action, which has formed higher highs and higher lows on lower timeframes, a classic bullish signal.
The rally is not an isolated event. Bitcoin has surged nearly 15% over the past month, and the total cryptocurrency market has added approximately $400 billion in value since February, according to CoinGecko data. Despite this, BTC is still down nearly 40% from its all-time high set in October.
Adding to the optimistic backdrop is the strong performance of U.S. spot Bitcoin exchange-traded funds (ETFs). Data from DefiLlama shows that these products drew in over $2 billion in net inflows in April, marking a second consecutive month of positive capital flows. This follows March's strong showing of $1.3 billion.
The Macro Context: Powell's Swan Song
The current market activity unfolds against a pivotal moment in Washington. Jerome Powell is expected to keep interest rates unchanged at this meeting, which economist Ed Yardeni has dubbed his "swan song." Powell is likely to emphasize that inflation risks have increased, particularly as Brent crude oil prices climb back above $100 per barrel amid stalled US-Iran peace talks. Higher oil prices complicate the case for rate cuts, which are generally bullish for risk-on assets like Bitcoin.
Powell's term as chair ends on May 15, although he will retain a seat on the Fed's Board of Governors until January 2028. The Senate Banking Committee is set to confirm Kevin Warsh as his successor on Wednesday, with a final Senate vote possibly coming soon after. Warsh has publicly advocated for lower interest rates, while also pledging to maintain the Fed's independence from political pressure.
Traders are now watching to see if Bitcoin can maintain its momentum and push toward the $85,000–$88,000 target zone projected for May.
