Bitcoin Price Tests Key Level as Fed Raises Interest Rates
The Bitcoin price has been testing a key level of $76.7K following the Federal Reserve's decision to raise interest rates by 25 basis points on September 16, bringing the federal funds target range to 3.75%-4%. This was the Fed's first rate hike since July 2023 and came as Bitcoin was already trading below a key on-chain market level.
According to Glassnode, Bitcoin closed below its $76.7K True Market Mean on September 15, and a second daily close below this level would confirm a genuine range breakdown. The current market is at a crossroads, with weak demand from on-chain activity, ETFs, and corporate buyers pointing to caution.
Glassnode sees the Short-Term Holder Cost Basis at $71.3K as the first support level if Bitcoin records a second daily close below $76.7K, followed by a deeper support zone at $62K-$65K.