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Bitcoin swings in a $2,800 range as selling at $77,882 pushes price down to $75,100
On April 29, Bitcoin experienced significant volatility, reaching a peak of $77,882 before dropping to $75,100. The swings coincided with the Federal Reserve’s decision to keep interest rates unchanged and growing concerns over the Middle East conflict.
Key takeaways:
- Bitcoin fell to $75,100 after the Fed held rates steady
- Bitunix analysts warn rising oil prices could limit crypto liquidity
- Jerome Powell linked the decision to Middle East tensions as Brent oil returned to pre-ceasefire levels
Volatile session after Fed decision
April 29 marked another day of sharp price movements. Bitcoin fluctuated from just above $76,000 to around $77,800 before dropping below $75,000.
The volatility followed the widely expected Fed decision to keep rates unchanged.
Crypto price action mirrored global equity markets, which have shown mild daily losses since Monday.
Bitcoin hovered near $76,200 before initiating the first of two rallies. The initial move pushed it above $77,000, where it consolidated for several hours.
A second wave of buying around 5:30 AM (EDT) drove the price to $77,882, but a sharp sell-off quickly erased gains.
By 1:00 PM (EDT), Bitcoin traded near $75,100 — down 1.3% over 24 hours and pushing weekly performance into negative territory.
Despite this, Bitcoin remains on track for a double-digit monthly gain, with a market cap around $1.52 trillion.
Fed, inflation, and geopolitics
In his final press conference as Fed Chair, Jerome Powell justified holding rates steady by citing:
- escalating Middle East tensions
- persistent inflation, particularly in energy
Brent oil prices have returned to pre-ceasefire levels, raising concerns that the window for a “soft landing” is closing and increasing fears of a global recession.
Escalation risks
Signals from Washington remain hawkish. The Trump administration is reportedly maintaining a strict blockade on Iranian oil.
Following failed negotiations, rhetoric has intensified. Figures like retired General Jack Keane advocate military pressure to force Iran back to talks.
Analysts warn renewed strikes could trigger a broader regional conflict, potentially targeting critical Gulf energy infrastructure.
Why this matters for Bitcoin
Even signs of de-escalation may no longer stabilize markets. Prices are now factoring in not just conflict risk, but a structural shift in global energy markets toward price wars and supply competition.
A Bitunix analyst explained:
“This shift matters through inflation and liquidity channels. Rising energy prices limit the Fed’s ability to ease policy aggressively.”
In simple terms:
- higher oil → higher inflation
- higher inflation → fewer rate cuts
- less liquidity → pressure on Bitcoin
See also: "Traders Push Bitcoin Below $76,000 as $43M Long Liquidations Trigger Drop"
