Bitcoin traded below $76,000 ahead of the Federal Reserve’s rate decision after a recent range breakdown, while analysts pointed to $68,000 as a key onchain support level and noted weaker links with traditional market benchmarks.
Bitcoin falls below $76,000 before the Fed decision
Bitcoin traded below $76,000 into the Federal Reserve’s interest-rate decision. It fell about 1% in one report and traded at $75,800 after declining nearly 3% over the previous 24 hours.
A range breakdown raises bearish concerns
Bitcoin prices had held in a tight range above $76,000 until the day before the report. Chart analysts characterized the break below that range as a bearish signal, while bitcoin was down nearly 3% over the past 24 hours.
What analysts are watching next
Onchain support for bitcoin thickened at $68,000. Bitcoin’s correlation with the S&P 500 was 0.43, compared with 0.30 for the Nasdaq and 0.28 for gold; its short-window correlation with the Dollar Index was nearly zero.
The rate move was largely expected
The expected 25-basis-point rate increase was largely priced in. Separately, retail sales rose 1.2% in August.
Price levels remain time-sensitive
Bitcoin was reported at $76,300 at one point and at $76,300 after the news in another update. Those observations refer to separate points in the coverage rather than a single contemporaneous quote.