As of Wednesday, April 29, 2026, Bitcoin (BTC) is trading near the $77,000 mark, with markets closely watching the Federal Reserve's upcoming interest rate decision later today. This anticipation follows a period of cautious optimism, partly fueled by reports of a potential extension of the ceasefire with Iran and strong inflows into US-listed spot Bitcoin ETFs, which have attracted significant institutional demand in recent weeks.
Despite a recent rally that pushed Bitcoin above $78,000, reaching its highest level since early February, the cryptocurrency has seen some of its gains pared back as investors reassess geopolitical developments. Analysts are closely monitoring key support levels, with the short-term holder cost basis at approximately $76,800 and the 200-day moving average near $73,000. Historical patterns suggest that the 48 hours following the Fed's press conference may see selling pressure, though recoveries have typically followed.
Meanwhile, Ethereum (ETH) presents a more complex picture. While the cryptocurrency's price has seen some recent weakness, declining by approximately 4% over the past day to trade around $2,288, on-chain metrics suggest underlying strength. Notably, Ethereum's exchange reserves are at their lowest level since 2016, with over 331,000 ETH withdrawn from exchanges since April 19. Corporate accumulation remains robust, with significant ETH additions by entities like BitMine, and US spot ETH ETFs experiencing three consecutive weeks of inflows.
However, concerns about potential selling pressure have emerged following reports of Galaxy Digital depositing 45,000 ETH, valued at over $100 million, to exchanges including Binance, Bybit, and OKX. These transfers could indicate client orders rather than a direct institutional sell-off, but they add a layer of complexity to Ethereum's near-term outlook. Despite these inflows, some analysts suggest Ethereum is attempting to recover its realized price of $2,335, with MVRV price bands indicating potential for an upward trend if this level is held as support.
In other news, the cryptocurrency landscape also saw the AlphaPepe presale nearing a significant exchange listing, having raised over $1 million. The broader market remains attentive to macroeconomic events, including inflation rate data from Australia and corporate earnings from tech giants, all of which could influence digital asset prices in the coming days. The Bitcoin 2026 conference in Las Vegas also served as a platform for policy discussions, hinting at growing political interest in digital assets.