Bitcoin Stabilizes Near $76,500 as US Stocks Rebound from Fed Rate Hike

Bitcoin's price has stabilized near $76,500 after Thursday's US stock market rebound following the Federal Reserve's interest rate hike.

The Nasdaq Composite Index gained 1.5% and the S&P 500 Index rose 0.9%, with investors seeking to capitalize on local downside after the Fed increased benchmark interest rates by 25 basis points to 3.75-4%.

Data from CryptoQuant shows that Bitcoin's Bull Score Index has dropped from 80 to 60, indicating a cooling trend rather than a reversal in price action.

Julio Moreno, head of research at CryptoQuant, notes that the trend is still bullish but momentum and macro conditions are working against it near-term. He suggests watching $70K and $62K-$65K as support levels.