Bitcoin Levels Off Near $76K as US Stocks Rebound from Fed Rate Hike

Bitcoin's price has steadied near $76,500 after a recent drop following the US Federal Reserve's interest-rate hike. The Fed increased benchmark rates by 0.25% to 3.75-4%, its first hike since July 2023.

Investors have been snapping up US stocks in response to the rate hike, with the Nasdaq Composite Index gaining 1.5%. This has led to a rebound in US equities, with the S&P 500 Index and tech-heavy Nasdaq Composite Index rising 0.9% and 1.5%, respectively.

CryptoQuant's Bull Score Index, which tracks market conditions, remains at 60/100, indicating that while momentum is working against Bitcoin, the trend is still bullish. Analysts suggest that consolidation around $70K and $62K-$65K support levels could be on the horizon.