Bitcoin Price Climbs Above $79,000 as ETF Inflows and Fed Outlook Shape Market Direction

Bitcoin surged above $79,000 for the first time in weeks, gaining more than 2% in the last 24 hours as institutional buying accelerated. A key driver behind the rally has been strong inflows into U.S. spot Bitcoin exchange-traded funds, which recorded approximately $2.12 billion in net inflows over nine consecutive days through April 24, marking the longest inflow streak of 2026.

On-chain indicators also supported the bullish trend. The Coinbase Premium Index remained in positive territory since early April, suggesting increased activity from institutional investors who commonly use Coinbase for large transactions.

Federal Reserve Meeting and Resistance Levels Remain Key Risks

Macro conditions have also contributed to Bitcoin’s strength, with the asset showing a 97% correlation to the S&P 500 over the past 30 days. Market participants are now focused on the upcoming meeting of the Federal Reserve scheduled for April 29. According to the CME FedWatch Tool, 99.5% of traders expect no immediate rate change, but attention remains on comments from Fed Chair Jerome Powell regarding future policy direction.

Despite the rally, analysts urge caution. Investor Michael Terpin warned that Bitcoin could decline to around $57,000 by October 2026 if momentum weakens, citing historical cycle patterns. $80,000 remains a major resistance level, with potential downside targets near $73,900 or $65,710 if prices fail to hold above it.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.