Bitcoin traded below $76,000 after the Federal Reserve’s unanimous rate-hike vote, while market data showed mixed relationships with major traditional assets.
Bitcoin was trading at $76,300 after the Federal Reserve’s unanimous rate-hike vote, down about 1% and nearly 3% over the past 24 hours.
What happened to Bitcoin’s key price levels
Bitcoin traded below $76,000 into the Fed decision and later traded just under that level. Chart analysts characterized the range breakdown as a bearish signal, while onchain data showed support thickening at $68,000.
Why the reaction was closely watched
The expected 25-basis-point rate increase was largely priced in. Separately, retail sales rose 1.2% in August.
Bitcoin’s changing market relationships
Reported correlation readings showed Bitcoin at 0.43 against the S&P 500, 0.30 against the Nasdaq and 0.28 against gold. Its short-window correlation with the Dollar Index was reported at 0.08 in one reading and nearly zero in another.
What to watch next
Bitcoin prices had held in a tight range above $76,000 until the previous day. After the news, Bitcoin was reported at $76,300 in one update and $75,800 in another.