Bitcoin Price Tests Key $76.7K Level As Federal Reserve Raises Rates

Bitcoin price is testing the key $76.7K level after the Federal Reserve raised interest rates by 25 basis points on Wednesday, bringing the federal funds target range to 3.75%-4%. 

The September 16 decision was the Fed’s first rate hike since July 2023 and came as Bitcoin was already trading below a key on-chain market level.

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Bitcoin traded around $76,400 following the decision, after moving between roughly $75,000 and $76,900 in the first 30 minutes after the announcement. The cryptocurrency consolidated near $76,450 as of September 17. 

According to Glassnode, Bitcoin closed below its $76.7K True Market Mean on September 15. Glassnode considers a second daily close below the level necessary to confirm a genuine range breakdown.

Federal Reserve Raises Interest Rates to 3.75%-4% 

The Federal Open Market Committee voted unanimously on Wednesday to raise the target range for the federal funds rate by 25 basis points to 3.75%-4%

The hike, the first since 2023, aimed at combating inflation driven partly by rising oil prices, was widely anticipated by markets. 

The Dow Jones Industrial Average fell 1.2% on the announcement before stabilizing, while gold slipped 0.67% to $4,263.91.