Bitcoin Swings Between $75,000 and $76,500 After Fed’s First Rate Increase Since 2023

Forecast Trend Report by Period

Bitcoin swung between $75,000 and $76,500 immediately after the Federal Reserve raised its benchmark interest rate for the first time in more than three years.

The Block reported on September 16 that Bitcoin traded near $75,600 after moving within a $75,000 to $76,500 range following the Federal Open Market Committee’s rate decision. Ether also fluctuated between $2,370 and $2,430 before settling around $2,376.

The Fed unanimously raised its benchmark rate by 0.25 percentage point at the FOMC meeting, setting the target range at 3.75% to 4.00%. It was the Fed’s first rate increase since July 2023.

The increase had been largely expected by markets. Just before the decision, CME FedWatch showed a 92% probability of a quarter-point hike.