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Bitcoin saw sharp intraday swings on April 29, rising to a peak of $77,882 before retreating to $75,100. The volatility followed the Federal Reserve’s decision to keep interest rates unchanged and came amid growing concerns about conflict in the Middle East.
On April 29, bitcoin’s price action was marked by a rapid move from a base just above $76,000 to a high of $77,800, followed by a sell-off that pushed it just below $75,000. The late-day volatility followed the widely anticipated Federal Reserve decision to leave interest rates unchanged.
Bitcoin appeared to track broader market moves, continuing a pattern of marginal daily losses that had persisted since Monday. Daily chart data showed the asset trading in a range near $76,200 until late Tuesday, when it launched two major rallies within a 24-hour window.
The first rally carried bitcoin above the $77,000 psychological level, where it consolidated for several hours. A second wave of buying pressure beginning around 5:30 a.m. EDT then drove the price to a brief high of $77,882, before a sharp sell-off erased much of the session’s gains. By 1 p.m. EDT, bitcoin was trading near $75,100, down 1.3% over 24 hours. The move also flipped bitcoin’s weekly performance into negative territory.
Despite the retracement, the article said bitcoin remains on track to close April with double-digit gains, while its market capitalization is reported at $1.52 trillion.
In his final press conference as Federal Reserve chair, Jerome Powell said the FOMC’s decision to hold rates was tied to escalating Middle East tensions and “sticky” energy inflation. The article noted that Brent crude had rebounded to levels seen before the U.S.-Iran temporary ceasefire, prompting concerns that the window for a “soft landing” is narrowing and that the risk of a global recession is increasing.
The report also said the Trump administration intends to maintain a strict blockade on Iranian oil, suggesting a diplomatic resolution remains difficult. After talks were described as inconclusive, the tone from Washington was characterized as increasingly hawkish, with retired four-star Gen. Jack Keane reportedly urging kinetic action to pressure Tehran back to negotiations.
Analysts cited in the article warned that renewed strikes on Iranian targets would likely trigger a regional escalation, including retaliatory strikes targeting critical energy infrastructure across Gulf states.
The article said even signs of easing around the Strait of Hormuz may not be enough to stabilize market sentiment. It added that the market is increasingly pricing the possibility that the global energy market could shift toward a price-war and market-share competition regime.
According to a Bitunix analyst, this matters for bitcoin through an inflation and liquidity channel. The analyst said: “A renewed rise in energy prices would directly constrain the market’s ability to price aggressive Federal Reserve easing. BTC may still maintain a relatively strong risk-asset structure in the short term, but if elevated oil prices persist for longer, expectations for future liquidity conditions could once again come under pressure.”
The Federal Reserve held its benchmark interest rate unchanged on Wednesday, with the Federal Open Market Committee voting to keep rates steady at 3.5%–3.75%.
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