Bitcoin | Will It Stay Pressured by a Hawkish Fed?Bitcoin / U.S. dollarBITSTAMP:BTCUSDDatTongFundamental approach: - Bitcoin prices consolidated amid risk aversion, as derivatives open interest weakened and long positions were liquidated. - Spot bitcoin ETF inflows of 23.5 mln USD reflected weakening demand, though Apr remained the year's strongest month with 2.44 bln USD net. - The Fed's hawkish tone and geopolitical uncertainty may weigh on risk appetite in the near term. Technical approach: - BTCUSD strongly bounced after retesting the support at 75450. The price is above both EMA and broke the ascending channel's upper bound, suggesting a potential shift to an uptrend. - If BTCUSD breaches above the resistance at 77800, the price may surge toward the following resistance at 79300. - Conversely, closing below both EMAs may prompt a decline further toward the immediate support at 75450. Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness