Bitcoin showed little immediate reaction to the Federal Reserve’s rate increase, then rose as much as 0.88% over 24 hours. The move echoes a 2022 pattern, but the cryptocurrency remains about 40% below its October record high.
Bitcoin barely moves after the Fed’s rate increase
The Federal Reserve’s rate-hike vote was unanimous, but bitcoin had little immediate reaction to the announcement. The cryptocurrency held near $76,000 before and after the decision.
A modest rebound follows
Bitcoin later rose 0.88% over 24 hours and was reported trading at $76,621. Another market update put the price at $76,300 after the news.
The 2022 comparison offers both upside and risk
The current rebound is being compared with bitcoin’s response to the initial March 2022 rate hike. Bitcoin rallied roughly 18% in the 12 days that followed, but subsequently fell around 50%. The historical pattern points to both a possible near-term rebound and the risk of a later decline; it is not a forecast.
Bitcoin remains well below its record as tightening expectations persist
Bitcoin remains about 40% below its October record high of $126,000. Core inflation has eased to 2.4%, while markets are pricing in a further 75 basis points of tightening over the next six months.
Key levels and positioning remain in focus
- Chart analysts characterize the breakdown from bitcoin’s recent range as a bearish signal. Support levels identified in the market include $70,000 and the $62,000–$65,000 area.
- Bitcoin had approximately $82 million in net selling through perpetual futures over the past hour.
- Spot markets recorded around $15.5 million in net bitcoin buying.