Bitcoin Holds $77K as Markets Await Big Tech Earnings and Powell’s Final Fed Move

• Bitcoin rises more than 1% as short-term momentum strengthens amid improving market conditions.
• Big Tech earnings and Fed decision expected to drive crypto market direction. 
• Spot Bitcoin ETF outflows drop to $89.7M from $263M, easing selling pressure.

US stock futures held steady on Wednesday as investors waited for two major catalysts: earnings from Big Tech and what could be Jerome Powell’s final rate decision as head of the Federal Reserve. 

Meanwhile, the outcome is also shaping the short-term direction of Bitcoin and the crypto market.

Markets Pause with Eyes on Big Tech

Futures tied to the S&P 500 and Dow Jones Industrial Average were mostly flat, while the Nasdaq-100 edged up 0.2%. This comes after stocks pulled back from record highs on Tuesday, led by declines in technology shares.

The weakness followed a report that OpenAI missed internal targets for revenue and user growth. That news dragged down key partners and chipmakers. Oracle fell 4%, while Broadcom dropped 4% and Nvidia slipped more than 1%.

Now, attention has shifted to earnings from four “Magnificent Seven” giants (Alphabet, Amazon, Meta, and Microsoft), all reporting after the market closes. Investors are watching closely to see whether heavy spending on artificial intelligence translates into real revenue growth.

Why Tech Stocks Matter for Bitcoin

The performance of these tech giants directly affects crypto. Bitcoin is increasingly trading like a high-growth tech asset rather than a standalone hedge.

At press time, Bitcoin is up 1.35% to $77,639, closely tracking a 1.41% rise in the total crypto market cap. More importantly, it shows a 69% correlation with the Nasdaq-100, highlighting how closely crypto is moving with tech stocks.

If Big Tech earnings beat expectations and signal strong AI-driven growth, it could boost overall risk appetite. That typically pushes investors toward higher-risk assets like Bitcoin, Ethereum, and altcoins. 

On the other hand, weak results or disappointing guidance could trigger a “risk-off” move, pulling crypto prices down alongside tech stocks.

Bitcoin Finds Support as Selling Pressure Eases

Beyond macro sentiment, Bitcoin is also benefiting from improving internal market conditions. Spot Bitcoin ETF outflows reached $89.7 million on April 28 from $263 million the previous day. 

At the same time, derivatives markets are stabilizing. Bitcoin liquidations dropped 44.55%, and funding rates, while still negative, improved by 73% in just 24 hours.

These shifts suggest that selling pressure is easing, giving Bitcoin room to stabilize and rebound.

For now, analysts see Bitcoin trading within a range. Holding above $76,300 could open the door to a retest of $79,500. A break below that support level could push prices toward $75,200.

All Eyes on Powell’s Final Fed Decision

The second major catalyst is the Federal Reserve’s policy decision. While markets widely expect interest rates to remain unchanged, the focus is on Powell’s tone and any signals about future policy.

This meeting is particularly significant as it could be Powell’s last before his term ends in May. 

Notably, a stable or dovish tone, suggesting possible rate cuts later in 2026, would likely support Bitcoin. Lower rates reduce the appeal of traditional yield-based investments and encourage flows into assets like crypto.

However, if Powell signals that inflation remains a concern and rates will stay higher for longer, it could pressure Bitcoin and other risk assets.

In Sum

With Big Tech earnings and the Fed decision happening at the same time, this week could define the next move.

If both catalysts align positively, strong tech earnings and a supportive Fed tone, Bitcoin could break above its current range and push higher. But if either disappoints, the market could quickly turn cautious, dragging crypto back toward key support levels.

Related: Bitcoin Must Function as Money, Not Just an Asset: Block’s Miles Suter