Bitcoin Retreats From 12-Week High as Blue-Chip NFTs Rally
Bitcoin rose in a rally driven by geopolitical developments, but selling pressure emerged near $79,400. Markets were also awaiting interest-rate decisions from the U.S. Federal Reserve and European Central Bank this week. The NFT market, meanwhile, showed a growing divide as capital concentrated in a handful of blue-chip collections.
Bitcoin most recently touched $79,400, a 12-week high, before pulling back as profit-taking stalled the advance at a key price level. Over the same period, prices for Pudgy Penguins and Bored Ape Yacht Club (BAYC) bucked the broader trend with double-digit gains. Overall NFT trading volume and active user numbers, however, have fallen by half from their peaks.
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The history behind this eventBitcoin Rally Falters Ahead of Fed Rate Decision as Markets Await Powell's Inflation Remarks
Bitcoin is highly sensitive to expectations for U.S. interest rates and liquidity, while Federal Reserve rate decisions often drive crypto-asset valuations. Markets are now focused on how Chair Jerome Powell will assess changes in inflation and oil prices. His remarks could shape expectations for rate cuts and determine whether capital continues flowing into risk assets.
Bitcoin briefly touched $76,000 ahead of the Federal Open Market Committee's April 29 decision before retreating to around $74,000, including a short-lived intraday drop below $75,000. Ether, meanwhile, approached $2,200. Traders turned cautious and watched for signs of a hawkish tilt in Powell's post-meeting comments.
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