Bitcoin Bounces off Lows as Trading Volumes Rise Amid Rate Hike

Bitcoin's price has bounced off this week's lows after the Federal Reserve's rate hike on Wednesday, which was widely expected. The ETF inflows turned negative in September, with a total of $460 million being withdrawn from these vehicles.

However, trading volumes are still rising as buyers defend the $75K area. Data from Santiment shows that the 30-day moving average for trading volumes just rose above the 50-day MA, indicating a shift in momentum.

This has happened multiple times in the past two years during the beginning of both strong bull and bear markets. As long as the support area at $75K holds, the market's bullish bias should persist.