Bitcoin traded below $76,000 ahead of the Federal Reserve’s interest-rate decision, while analysts identified $68,000 as a key onchain support level and described the range break as bearish.

Bitcoin slips below $76,000 before the Fed decision

Bitcoin traded at $75,800 and below $76,000 ahead of the Federal Reserve’s interest-rate decision. It declined nearly 3% over the past 24 hours, after prices had held in a tight range above $76,000 until the previous day.

Analysts point to $68,000 support and a bearish range break

Onchain support for Bitcoin thickened at $68,000. Chart analysts characterized the breakdown from the recent range as a bearish signal.

Why the Fed event may not map neatly onto Bitcoin’s moves

The expected 25-basis-point rate increase is largely priced in. Bitcoin’s short-window correlation with the Dollar Index was described as nearly zero, while its reported correlation to the S&P 500 was 0.43, to the Nasdaq 0.30 and to gold 0.28; a separate short-window reading for the Dollar Index was 0.08.

Major crypto assets also moved lower

Bitcoin fell about 1% in the reported market update, while Ether and Solana each fell about 3%.