Bitcoin price is currently bleeding, with BTC trading at $76,000, down 1.75% in 24 hours and 2.15% over the past week. This decline accelerated bearish expectations based on economic headwinds that most traders had not fully accounted for.
Federal Reserve Chairman Jerome Powell’s recent press conference on Wednesday triggered this move, providing data that served as a catalyst for the market.
Bitcoin fell 2% to $75,000 immediately after the decision was released, as markets digested a split Fed decision that included four dissenting votes in one vote, the largest number of dissenters since October 1992, according to Thomas Perfumo, chief economist at Kraken.
“The lack of a smooth transfer of power to Warsh suggests the possibility of political disagreement within the Fed,” Perfumo said in a note he shared with DL News.
The FOMC is already off to a wild start.
4 dissents today.
1 I wanted to cut
3 objections to language.
For the first time since 1992, there were 4 dissidences.
I guess Powell’s last FOMC was supposed to be as chaotic as possible.– Easy (@NotSoEasyMoney) April 29, 2026
Traders responded by dumping $138 million in Bitcoin exchange-traded funds (ETFs) after the meeting, reversing much of the rally seen in April. This is a notable reversal given that approximately $2 billion was invested in Bitcoin funds during this month, with April still representing the best month for Bitcoin since October.
While Polymarket’s odds show only a 10% chance of BTC reaching over $100,000 by December 31, 2026, compared to a 90% chance of interest rates remaining stable through the end of the year, the macroeconomic landscape offers no support for Bitcoin at the moment.
Bitcoin Price Forecast: Can the coin recover above $78,000 or is there a deeper decline?
BTC is giving mixed signals at the moment, and this usually happens when the market is gaining momentum towards a much larger move.
The price is currently holding around the near support point at $76.5K, with support levels accumulating below $75.6K, $74.8K, and the key level of $73.9K. This last level is considered the true “floor”; Losing it means that the price structure becomes clearly bearish.
On the upside, resistance levels lie at $77.3 thousand, $78.2 thousand and $78.9 thousand. The reconquest of this area could reverse the upward dynamic.
The Relative Strength Index (RSI) is currently neutral, so there is no clear momentum advantage, but fear levels are high, which can sometimes lead to price reversals if buyers intervene.
The most likely scenario currently is that BTC trades in a range between around $75.5k and $78.2k while the market waits for greater clarity in the macro landscape.
If Bitcoin manages to breach the $78,000 level with high trading volume, it could reach the lows of the 80s. However, if the $73,900 level is breached, it will open the door for a rapid decline towards $70,000.
In short, we are faced with a situation of great uncertainty; The price is not bearish enough to break out, nor bullish enough to break out, it is only creating pressure in anticipation of the next move.
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