Daily Market Dispatch – April 29, 2026. Bitcoin stays in-range ahead of what may be Powell's last call.

29 Apr 2026, 15:35

Daily Market Dispatch – April 29, 2026 Bitcoin stays in-range ahead of what may be Powell's last call Bitcoin remains in-range above $76,000, briefly up 1.5% on the day towards $78,000, before reversing. The Fed concludes its two-day meeting today in what is widely expected to be Jerome Powell's final rate decision as chair. Equity futures are pointing modestly higher, with mega-cap tech earnings from Alphabet, Microsoft, Amazon, and Meta due after the close. Bitcoin Bitcoin traded toward $78,000, up 1.5% on the day, before retreating below $77,000 — tight consolidation that has defined the past several sessions. The $78,000–$79,500 area remains the firm technical barrier, with profit-taking repeatedly capping advances. The pattern is familiar: sharp rallies followed by consolidation, reflecting a market that is improving in structure but not yet trending. Bitcoin's resilience in the face of this week's macro headwinds is the more interesting data point than the price level itself. When oil surges, liquidations spike, and a central bank signals higher rates for longer, the default expectation is that risk assets sell off. Bitcoin has not. One interpretation is that the sell-side has thinned out as weaker holders have already exited — though this is difficult to verify in real time and should be weighed against the equally plausible reading that the market is simply consolidating ahead of a catalyst large enough to force the next directional move. The Fed today and the ECB tomorrow are the most likely candidates. Ethereum & Altcoins Altcoins stayed choppy throughout the day, initially staging a modest recovery — Ethereum up over 2%, XRP over 1%, Solana over 2%, before retreating. Bitcoin dominance continues to climb — the familiar pattern when macro stress arrives and capital consolidates into the largest asset, leaving altcoins to track Bitcoin's direction rather than set their own. XRP has broken below the long-held $1.40 support level on strong selling volume, turning that level into resistance. Traders are watching $1.40 as the key level to reclaim and $1.37 as the next support, with a break lower opening room toward $1.32–$1.28. Macro & Institutional The WSJ reported that President Trump is preparing for an extended naval blockade of Iranian ports, opting for a patient pressure strategy over military escalation or a swift diplomatic resolution — a shift that removes any near-term incentive for the market to price a resolution. The Fed is expected to hold rates steady at 3.5%–3.75% later today, with statement language the key focus — possible hawkish adjustments removing forward guidance on cuts later in 2026. Gold is near a one-month low at around $4,593 as safe-haven buyers favor the dollar in a higher-for-longer rate environment. The week's most consequential sovereign signal came from the Bitcoin 2026 conference in Las Vegas, where Czech National Bank Governor Ales Michl presented internal analysis showing that a 1% Bitcoin allocation to the CNB's $180 billion reserve portfolio would increase expected returns while keeping risk roughly unchanged, building on the bank's first digital asset purchase in November 2025. Looking Ahead Today's Fed decision is the main event, with Powell's press conference what may be the last opportunity to hear directly from the outgoing chair on inflation, rates, and the energy shock. Mega-cap tech earnings from Alphabet, Microsoft, Amazon, and Meta follow after the close. Thursday delivers the ECB and BoE decisions, U.S. Q1 GDP, Core PCE, and Apple's results. For Bitcoin, the question remains whether supply exhaustion is enough to hold the range — or whether the next macro shock is the one that breaks it. – Iliya Kalchev, Analyst at Nexo’s Dispatch For informational purposes only; not financial or investment advice.

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