Bitcoin Drops to ₱4,622,385 ($74,937) After Fed Holds Rates
The Federal Reserve held interest rates at 3.5% to 3.75% on April 29, citing Middle East developments as a source of uncertainty. Bitcoin quickly recovered from its intraday low, but Glassnode analysts warned that rallies will remain fragile without spot demand picking up.
Key Takeaway
Fed's Iran war concerns tanked Bitcoin to $74,937, but quick recovery signals stubborn buyer conviction despite bearish leverage.
Bitcoin dropped to an intraday low of ₱4,622,385 ($74,937) on April 29 after the Federal Open Market Committee released minutes confirming the Fed's decision to hold interest rates at 3.5% to 3.75%.
The FOMC statement cited developments in the Middle East as fueling uncertainty. Chairman Jerome Powell stressed the Fed's desire to maintain optionality during his presser. The Fed reiterated its goal to maintain maximum employment and keep inflation at 2% over the longer run.
Hyblock CEO Shubh Varma described the price action as the usual sell-the-news reaction after the FOMC. He noted Bitcoin quickly recovered to pre-announcement levels within hours, showing strong underlying conviction. Bitcoin had rallied to ₱4,873,006 ($79,000) on Tuesday before the Fed decision pulled it back under its 20-day simple moving average of ₱4,667,229 ($75,664).
Glassnode analysts painted a less optimistic picture in their Week Onchain report. They described Bitcoin's price action as trapped below market mean and warned that until spot demand picks up, rallies are likely to feel fragile with limited follow-through. The firm noticed Bitcoin traders were adding bearish leverage in the past week, citing rising open interest after Tuesday's rally, neutral funding, and divergence between spot and futures markets.
Bitcoin sat at ₱4,701,895 ($76,226) at publication time, trading within a support-resistance range of $75,500 to $76,500. Analysts identified a broader support cluster in the $65,000 to $70,000 range if the current level fails to hold. Ethereum traded at $2,269, up 1.02%, while Solana changed hands at $83.74, down 0.41% on April 30, 2026.
This article was written based on reporting from Cointelegraph.
