Bitcoin rebounds to $77.4K despite $746M ETF outflows: can BTC break $78K

Bitcoin has risen 1.3% over the past 24 hours to around $77,400 on Sept. 18, recovering from an intraday low near $76,000 as selling pressure eased following the Federal Reserve’s latest rate decision.

CoinGecko data showed $BTC ($BTC) trading near $77,383 at the time of writing, close to its 24-hour high of $77,420.

The cryptocurrency has gained roughly 0.6% over the past seven days and 20% over the past 30 days.

The rebound began after Bitcoin survived another test of the $75,000 to $76,000 region following the Federal Reserve’s Sept. 16 meeting.

Policymakers raised the benchmark rate by 25 basis points to 3.75% to 4.00%, an increase that markets had widely expected before the decision.

Fed projections kept another rate increase this year on the table, but the removal of uncertainty around the September decision helped selling pressure ease.

$BTC subsequently reclaimed $76,000 before pushing through $77,000 on Sept. 18.

Conditions outside crypto have become less hostile to the recovery. US stock rebounded after Wednesday’s selloff, led partly by technology shares, while oil prices eased as concerns over Middle East supply disruptions faded.

The US 10 year Treasury yield, which had climbed above 5%, subsequently slipped back below that level.