Bitcoin coils near $76.5K as US stocks rebound from Fed rate hike

Bitcoin hovered near $76,500 following the US market open as traders returned to equities after a recent pullback. Data from TradingView indicated that BTC volatility had cooled over the prior 24 hours with only modest moves to capture nearby liquidity, while CoinGlass reported thicker bid and ask liquidity clustered around the current spot price — a sign of rangebound trading.

The backdrop for risk assets changed after the Federal Reserve raised its benchmark rate by 25 basis points to a range of 3.75%–4.0% on Wednesday, marking the first hike since July 2023 and ending a prolonged period of easing. US equities responded positively on Thursday: the Nasdaq Composite climbed 1.5% and the S&P 500 rose 0.9% as investors bought into the local downside following policy tightening.

On-chain analysts kept a cautiously bullish stance on Bitcoin while warning of near-term headwinds. CryptoQuant’s head of research, Julio Moreno, noted that macro conditions and fading momentum complicate further upside despite an overall bullish trend; the platform’s Bull Score Index had eased from 80 to 60, which CryptoQuant still classifies as the lower bound of bullish conditions. The report highlighted fading US demand, rising altcoin inflows, and a week of macro risk — including the Fed hike and political delays — as reasons to expect consolidation.

Market participants were also watching technical support levels flagged by analysts. CryptoQuant recommended monitoring $70,000 and a $62,000–$65,000 zone as potential support areas, while noting Bitcoin had recovered from month-to-date lows earlier in the week and that it had delivered a roughly 25% rebound in August. At the time of reporting, BTC/USD was trading about 0.5% higher on the day.