Bitcoin Rangebound Near $76,500 as Stocks Rebound After Fed Rate Hike
The Bitcoin market has been rangebound near $76,500 after the U.S. Federal Reserve raised its benchmark rate by 25 basis points to 3.75 to 4.0 percent on September 16.
Although stocks rebounded in response to the rate hike, with the S&P 500 gaining 0.9 percent and the Nasdaq Composite rising 1.5 percent, Bitcoin has failed to establish a clear direction.
CoinGlass data shows that both buy and sell liquidity thickened around the spot price, leading to limited movement over the past 24 hours.
Julio Moreno, head of research at CryptoQuant, cautions that current macro conditions are acting as headwinds for Bitcoin's rebound, which reached a high of 25 percent in August.
Moreno notes that Bitcoin is not breaking down but cooling, with the Bull Score Index falling to 60 from 80.