Bitcoin traded below $76,000 ahead of the Federal Reserve’s rate decision, while analysts identified $68,000 as a key onchain support level and noted changing relationships with major markets.
Bitcoin moves below $76,000 before the Fed decision
Bitcoin traded below $76,000 ahead of the Federal Reserve’s interest-rate decision. It was trading at $75,800 after declining nearly 3% over the past 24 hours, while another report said it fell about 1%.
The range has broken, but analysts are watching $68,000
Bitcoin prices had held in a tight range above $76,000 until the prior day. Chart analysts characterized the break below that range as a bearish signal, while onchain support had thickened at $68,000.
Why the Fed reaction may not track the dollar or stocks exactly
The expected 25-basis-point rate increase is largely priced in. Bitcoin’s short-window correlation with the Dollar Index was reported as nearly zero, with a measured correlation of 0.08. Its correlation was 0.43 with the S&P 500, 0.30 with the Nasdaq and 0.28 with gold.
Broader market backdrop
Bitcoin was also reported trading at $76,300. Retail sales rose 1.2% in August, while Ether and Solana each fell about 3%.