BroadChain, April 28 - According to BeInCrypto, the crypto market fell 0.67% in the past 24 hours, with total market capitalization retreating to $2.54 trillion after failing to break through the $2.63 trillion resistance level for the third time. Bitcoin (BTC) dropped 0.71% to $76,812, with its upward channel momentum weakening. MemeCore (M) led the decline among the top 100 cryptocurrencies, falling 14% in 24 hours with shrinking trading volume.
"The market decline is mainly due to traders proactively de-risking ahead of the Federal Reserve's FOMC decision on April 29. CME FedWatch shows a 99% probability of interest rates remaining at 3.50%-3.75%, but the market is more focused on Powell's wording at his last press conference before the handover on May 15. With March CPI at 3.3% and high oil prices, if Powell delivers hawkish remarks, it will further compress liquidity. Over the past 24 hours, total long liquidations across the network reached $281.81 million, with BTC accounting for $120.6 million, mechanically draining system leverage.
"Technically, BTC's upward channel since February 24 shows a divergence between price and volume. From April 14 to 27, prices rose but trading volume plummeted, indicating that the recent rally toward $79,567 lacks buying support. BTC has declined in 8 of the last 9 FOMC meetings, prompting traders to close positions early. If BTC falls below $75,541 (the 0.236 Fibonacci level of the channel), the next target is $73,050; if it breaks further, $69,024 becomes a deeper risk level. In terms of total market cap, $2.49 trillion is a key support level; if breached, $2.34 trillion and $2.27 trillion become the next targets.