Bitcoin coils near $76.5K as US stocks rebound from Fed rate hike — SkimNews
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- Bitcoin traded near $76,500 after Thursday's Wall Street open, up 0.5% on the day after dipping below $76,000 on the Fed's rate hike announcement.
- The Federal Reserve raised benchmark rates by 25 basis points to 3.75–4% on Wednesday — its first hike since July 2023 and the end of three years of consecutive easing.
- US equities rebounded, with the S&P 500 gaining 0.9% and the Nasdaq Composite rising 1.5% as investors bought the post-hike dip.
- CryptoQuant's Bull Score Index fell from 80 to 60 — the cutoff for 'bullish conditions' — with head of research Julio Moreno writing that the trend is 'cooling, not turning.'
- CryptoQuant flagged $70K and $62K–$65K as key support levels to watch, citing fading US demand, rising altcoin inflows, and macro risks including the delayed CLARITY Act.
- Bitcoin had surged 25% in August before entering consolidation, with rangebound conditions showing thickening bid and ask liquidity on both sides of the spot price per CoinGlass data.
- Global central banks are tightening in tandem — the European Central Bank hiked 0.25% last week, and the Bank of Japan is expected to follow on Friday.
Why it matters: The Fed's first hike since July 2023 ends three years of easing, removing the loose-policy backdrop behind Bitcoin's 25% August rally. With CryptoQuant's Bull Score at the 60 'bullish cutoff' and $70K / $62K–$65K as support, the cited analysts describe the near-term path as 'cooling, not turning' — a knife-edge condition where one negative macro print could tip the index into bearish territory.
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