We are sitting at a historic crossroads today, April 29th.
Jerome Powell is officially stepping down, and today marks his final FOMC press conference as Fed Chair. At the exact same time, we are watching BlackRock’s IBIT pull in hundreds of millions in net inflows daily, basically swallowing the daily mined supply whole.
Yet, we are still bouncing between $77k and $79k, getting rejected at the $80,000 psychological barrier.
With the US-Iran ceasefire calming the macro markets and the Fed transition looming, it feels like a coiled spring. Are we seeing massive OTC accumulation by institutions keeping the spot price down, or is the post-Powell era already priced in?
What are your moves here? Are you front-running the new Fed Chair, or waiting for a confirmed break above $80k?
Or does it not even matter to you and you just stack regardless of the fiat price?
J-Pow’s Final FOMC is TODAY. BlackRock is vacuuming up the supply. Is the $80k wall finally going to break?
byu/XapoBank inBitcoin
Posted by XapoBank
3 Comments
Short term stories don’t really matter. Most previous stories are already forgotten. Bitcoin will reach new ATH’s again and again and again.
For the millionth time, BlackRock is not buying Bitcoin for themselves. They buy it on behalf of their clients who invest in IBIT.
Relevant points, but don’t let the ceasefire lull you into a false sense of security. That ceasefire is held together by paper tape. The $80k rejection is real, but if IBIT keeps swallowing the daily float, the post-Powell era might actually be an unpriced supply shock. I’m not front-running the chair. I’m watching the liquidity.