Analysis: Bitcoin is positioned around $77,000; Powell's "last FOMC meeting" increases market uncertainty.

Bitcoin traded in a range above $77,000 on Wednesday, with the market remaining cautious ahead of the Federal Reserve's interest rate decision. Market data shows Bitcoin fluctuated between approximately $75,689 and $77,837 during the session, last trading at around $77,100. This FOMC meeting is considered a key juncture, with the market widely expecting interest rates to remain unchanged. However, the real focus is on whether Fed Chairman Jerome Powell will release a "higher-for-longer" hawkish signal. Furthermore, this meeting may be his last as Fed Chairman, adding to the market's uncertainty regarding pricing policy and the potential transfer of power. In terms of funding, US spot Bitcoin ETFs reversed course after nine consecutive days of net inflows. SoSoValue data shows that on April 28th, ETFs saw a net outflow of approximately $89.68 million, with BlackRock's IBIT experiencing a single-day outflow of approximately $112 million, while the Ethereum ETF also recorded a net outflow of $21.8 million. On-chain data also indicates caution. CryptoQuant points out that on April 27th, exchanges saw a net inflow of 9905 BTC, the largest single-day inflow in nearly 30 days. Exchange reserves have also recently rebounded. If this inflow cannot be quickly absorbed, the price may retest the $74,000–$75,000 support range. On the macro level, fluctuations in oil prices and changes in the Middle East energy landscape continue to influence inflation expectations, which some analysts believe may limit the Federal Reserve's future easing measures. Meanwhile, market liquidity continues to weaken, with institutional trading volume and perpetual contract activity both at low levels, making any policy surprises potentially amplify price volatility. Overall, Bitcoin remains in a "low liquidity + high event risk" structure, and in the short term, it may continue to fluctuate between $72,000 and $80,000, awaiting further clarification of the Federal Reserve's policy path. (The Block)