BTC price bounces as big tech earnings fuel optimism; short-term pressures remain: Crypto Daily
Bitcoin rose to $77,400, boosted by positive big tech earnings, but faces short-term pressures from geopolitical risks and ETF outflows.Summary
Bitcoin's price climbed to $77,400, aligning with other risk assets, as strong earnings reports from major U.S. tech companies like Apple, Google, Microsoft, Meta, and Amazon bolstered market sentiment. This optimism, driven by renewed confidence in AI growth, has drawn investors back to equities and crypto, although the current bounce is seen as relief buying rather than the start of a new rally.
Despite the gains, the market faces "short-term pressure with still-mixed structural factors," according to Mercado Bitcoin. These include diminished hopes for interest rate cuts, outflows from spot Bitcoin ETFs (over $400 million in April), and heightened geopolitical risks. Rising oil prices due to the Iran conflict could fuel inflation, potentially deterring central banks from cutting rates, which would make cash and bonds more attractive than risk assets.
The Federal Reserve maintained its interest rates, with a notable increase in dissenting voices. The market is anticipating volatility due to potential shifts in monetary policy, especially with upcoming changes in Fed leadership. Key resistance for Bitcoin is at $80,000; a break above could attract new buyers, while failure to do so might trigger selling pressure.
(Source：CoinDesk)