Bitcoin ETF ends nine consecutive days of net inflow, market turns cautious ahead of the Federal Reserve FOMC meeting

btc-42">Bitcoin fell below $77,000, with the U.S. spot Bitcoin ETF recording a net outflow of $263.2 million, ending a nine-day streak of net inflows. This coincided with the eve of this week's Federal Reserve FOMC meeting, adding a touch of caution to the already resilient April rebound.

Bitcoin declined today, but it has still risen about 15% over the past month, reaching a high of $79,000 in April. The interruption of ETF fund momentum is significant because it occurs just before a week of major macroeconomic events. The market is currently digesting the Federal Reserve's decisions, new inflation concerns, GDP data, a series of earnings reports from major tech companies, and another round of interest rate decisions from central banks in Europe and Asia.

Timothy Misir, head of research at BRN, stated that the crypto market entered this week with inspiring momentum, but there are too many cross factors to determine a clean risk appetite trend. In his view, investors are showing signs of "war fatigue" regarding the situation in the Middle East, while central banks are forced to find a balance between supply-driven inflation and weakening confidence along with mixed data.

Glassnode expressed a similar view in its latest weekly pulse report. Analysts noted that Bitcoin still exhibits a "mix of bullish momentum, cautious sentiment, and consolidation," with strong buying pressure offset by weaker speculative participation and lower trading activity.

QCP Capital stated that Bitcoin had a significant rebound in April, maintaining an overall constructive pattern. However, the firm believes that $82,000 remains a key level, with the nearby CME gap constituting the next real test.

Andy Baehr, managing director at GSR Asset Management, mentioned that prices are "gradually rising," and $80,000 remains a key psychological level.