Bitcoin traded just below $76,000 after a roughly 3% 24-hour decline, while an expected 25-basis-point rate increase was largely priced in. Its recent relationship with the dollar has weakened, even as correlations with stocks remain positive.
Bitcoin traded at $75,800, just under $76,000, after declining nearly 3% over the past 24 hours. It had fallen about 1% in the latest reported move.
The recent range has broken down
Bitcoin prices had held in a tight range above $76,000 until the previous day. Chart analysts characterized the move below that level as a bearish signal.
The Fed move is largely anticipated, but the dollar link is weak
The expected 25-basis-point rate increase is largely priced in. Bitcoin’s short-window correlation with the Dollar Index is 0.08, described as nearly zero.
Bitcoin still shows ties to risk assets and gold
Bitcoin’s reported correlation is 0.43 with the S&P 500, 0.30 with the Nasdaq and 0.28 with gold. These measures describe recent relationships rather than a forecast.
Other major tokens also moved lower
Ether fell about 3%, while solana also fell about 3%.