Bitcoin traded near $78,402 after touching an intraday high of $78,963, according to latest market data, as traders remained cautious following the Federal Reserve's April 29 FOMC meeting. The Fed kept interest rates unchanged at 3.5% to 3.75%, while officials remained split on future policy language, reducing one source of market stress but keeping traders cautious about future rate cuts. Bitcoin failed to hold its weekend move near $79,000 as geopolitical tensions also weighed on sentiment, with reports indicating that Iran sent a revised peace proposal to the U.S., while Washington continued to review the terms. As per crypto.news, Trump's skeptical tone toward Iran's proposal limited follow-through and kept traders alert to fresh headlines, preventing Bitcoin from breaking through key resistance levels.
According to Kalshi prediction market platform and The Kobeissi Letter, investor risk appetite has surged to its highest level since 2021, with risky asset fund inflows exceeding safe asset inflows by a record $220 billion over the last four weeks. This shift from safe havens signals rising confidence and liquidity conditions that historically support Bitcoin and the broader cryptocurrency market. As reported by Coin Edition, risk appetite hitting 2021 highs is a bullish signal for Bitcoin and crypto, with the surge in risk-on sentiment fueling bullish momentum across digital assets. Bitcoin is benefiting as ETF inflows return, with the cryptocurrency approaching key resistance levels that could trigger a potential breakout toward $80,000 and beyond. However, the latest market action shows Bitcoin struggling to maintain momentum above $79,000 amid mixed signals from both monetary policy and geopolitical developments.
According to crypto.news market data, Bitcoin held above its intraday low of $78,081, showing limited selling after the rejected breakout near $79,000. The global crypto market cap stood at $2.69 trillion with Bitcoin dominance near 58.5%, indicating Bitcoin's continued control over the wider market direction. Despite significant volatility in April, a zoom out of the monthly price chart showed that Bitcoin has increased by more than 17% in the last month. However, latest analysis from Coin Bureau indicates that Bitcoin is struggling to break through the psychological barrier of $80,000, with the market showing signs of digesting the 'higher-for-longer' signal. The cryptocurrency continues to trade near key resistance levels as traders await a clear break above $79,000 or renewed weakness below nearby support levels.
XRP traded near $1.39 with about $1.15 billion in 24-hour volume, according to crypto.news data, staying almost flat on the day and leaving traders focused on the $1.35 support and $1.45 resistance area. A break above $1.45 could open a move toward $1.82, while a fall below $1.35 could expose the $1.00 area. Ethereum traded near $2,312 after holding above the $2,300 level, with its intraday range staying narrow between a high near $2,334 and a low near $2,298. Algorand stood out among major altcoins, with ALGO trading near $0.117 after rising about 9% on the day, based on live market data. Most other large-cap tokens moved within tight ranges, keeping Bitcoin in control of the wider market direction as traders waited for a clear break above $79,000 or renewed weakness below nearby support levels.
According to AMBCrypto, other analysts are calling that the Bitcoin bottom is here and the bullish price rally might get triggered soon, though recent price action suggests otherwise. The 30-day Realized Volatility metric currently stands at 1.58%, indicating an extremely compressed momentum compared to previous levels. Nansen research analyst Jake Kennis notes that Bitcoin is stuck in a tug-of-war, with a flash crash wiping out over $68 million in long positions in just one hour, while a massive CME gap between $79,000 and $84,000 is drawing the price higher. Bitcoin continues to trade with the dynamics of a risky asset, and if the growth of the S&P 500 index loses momentum, BTC will follow and fall along with the broader market. The current market environment reflects a tug-of-war between bullish momentum from improved risk appetite and cautious sentiment driven by monetary policy uncertainty and geopolitical tensions.
