Bitcoin’s price tumbled beneath the $76,000 threshold on Wednesday as markets digested two significant headline events: the Federal Reserve’s decision to maintain its current interest rate policy, and President Trump’s dismissal of Iran’s diplomatic overture.
The central bank maintained its federal funds rate within the 3.5%–3.75% range. Meeting minutes from the FOMC highlighted escalating tensions across the Middle East region as a primary source of economic “uncertainty,” influencing the committee’s cautious stance.
BREAKING: The Fed is no longer expected to cut interest rates in 2026 after today’s Fed decision.
The odds of the Fed cutting interest rates this year just fell to a new low of 44%.
For the first time since 1992, four Fed members dissented today's decision. [pic.twitter.com/eBUCbTNBkF] — The Kobeissi Letter (@KobeissiLetter) April 29, 2026
Following the publication of the FOMC minutes, Bitcoin experienced an intraday decline to $74,937. This price level positioned the leading cryptocurrency marginally beneath its 20-day simple moving average of $75,664, a technical indicator that market participants have been monitoring with considerable attention.
Shubh Varma, CEO of Hyblock, characterized the movement as ‘the usual sell the news reaction after the FOMC.’ He noted that Bitcoin managed to climb back toward pre-announcement price levels within a matter of hours, highlighting that the global bid-ask ratio surged to 0.3 — among its most elevated readings — suggesting persistent buying interest beneath the surface.
Crypto analyst Ted Pillows (@TedPillows) observed that BTC had successfully retested its support region and was beginning to rebound. He pinpointed the $79,000–$80,000 range as the critical resistance threshold Bitcoin must overcome, cautioning that inability to breach this level could push prices back toward $74,000.
The key level to reclaim for Bitcoin is $79,000-$80,000. If BTC fails to reclaim this, another sell-off would happen, pushing BTC to $74,000.
Trump Dismisses Iranian Proposal, Hormuz Waterway Stays Closed
President Trump declined Iran’s diplomatic proposal to lift the Strait of Hormuz blockade prior to engaging in nuclear negotiations. Trump stated the maritime blockade will remain in effect until Iran commits to addressing American concerns regarding its nuclear capabilities, characterizing the blockade as “somewhat more effective than the bombing.”
BREAKING: President Trump has “rejected” Iran's proposal to open the Strait of Hormuz and the US has prepared a plan for a “short and powerful” wave of strikes on Iran, per Axios.
Details include:
1. Trump says he will keep Iran under a naval blockade until they agree to a…
The Kobeissi Letter
The President also shared a message on Truth Social accompanied by the phrase “NO MORE MR. NICE GUY,” urging Iran to “get smart soon.” Reports indicate that the U.S. Central Command has developed contingency plans for a limited series of military strikes against Iran should diplomatic efforts continue to stall.
Crude oil markets responded with price increases to this development, compounding downward pressure across Bitcoin and the wider cryptocurrency sector.
Insights From Glassnode Analytics
Glassnode’s research team observed that Bitcoin market participants had increased bearish positioning in advance of the FOMC announcement, evidenced by expanding open interest, relatively neutral funding rates, and observable disconnects between spot and derivatives market indicators.
Their latest Week Onchain analysis characterized Bitcoin as “trapped below market mean,” with the $65,000–$70,000 range functioning as foundational support while insufficient demand continues to constrain upward price movements. Bitcoin has struggled to penetrate its True Market Mean positioned at $79,000.
According to Glassnode’s assessment, capital flows into spot BTC exchange-traded funds alongside expanding CME open interest have contributed to establishing a concentrated accumulation zone between $65,000 and $70,000.
At the time of publication, BTC was changing hands near $75,700, representing a decline from its intraday peak above $77,000.
