Bitcoin traders flip bullish on price ahead of Powell’s final FOMC as Fed chair

Bitcoin is holding firm near $77,000 ahead of Jerome Powell’s final press conference as Federal Reserve chair.

Now, traders’ risk appetite is back, Split Research founder Zaheer Ebtikar said in a note shared with DL News.

“The sellers who were spooked by macro shifts or quantum fears have already exited,” he said. “Bitcoin has found a stable floor and moved away from headline-driven drama and toward a more mature phase of growth.”

Ebtikar’s call comes amid signs of budding optimism in the crypto industry. Bitcoin has rallied nearly 15% over the past month, while the overall cryptocurrency industry has added about $400 billion in value since February, CoinGecko data shows.

To be sure, the top crypto is still down nearly 40% from its October peak despite the S&P 500 hitting a new record in April. Other assets like gold and oil are also near their peaks.

Still, Bitcoin exchange-traded fund inflows paint a bright picture. US spot Bitcoin exchange-traded funds drew in over $2 billion in net inflows in April, marking it as a second month in a row of positive inflows, DefiLlama data shows. The surge adds to March’s $1.3 billion gain.

“Since we’re currently in a quieter trading range, there’s no immediate rush for the exits,” Ebtikar said.

Powell’s last FOMC

The signs of life unfold against a pivotal moment in Washington.

Powell is expected to keep interest rates unchanged at what economist Ed Yardeni calls his “swan song” — the final press conference of his tenure at the…