Bitcoin coils near $76.5K as US stocks rebound from Fed rate hike — SkimNews
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- Bitcoin (BTC) traded near $76,500, up roughly 0.5% on the day, after briefly dipping below $76,000 on the Fed's rate decision
- The Federal Reserve raised benchmark rates 25 basis points to 3.75–4% on Wednesday — its first hike since July 2023 and the end of a three-year cycle of cuts and holds
- US equities rebounded as investors bought the post-Fed dip, with the S&P 500 gaining 0.9% and the Nasdaq Composite climbing 1.5%
- CryptoQuant's Bull Score Index dropped from 80 to 60 — still in "bullish" territory but cooling after Bitcoin's 25% rally in August
- Julio Moreno, CryptoQuant's head of research, warned that "momentum and macro are working against" Bitcoin near-term, citing fading US demand, rising altcoin inflows, and watch levels at $70K and $62K–$65K support
- The Kobeissi Letter struck a notably bullish tone, writing "the asset owner economy just keeps getting better" and expecting continued strong asset performance despite tighter liquidity
- Global central banks are tightening in tandem: the European Central Bank hiked 0.25% last week and the Bank of Japan was expected to follow Friday
Why it matters: The Fed's first rate hike since July 2023 ends an era of easing that fueled Bitcoin's 25% August rally, and CryptoQuant has flagged $70K and $62K–$65K as the support levels to watch if momentum continues fading. With the Kobeissi Letter insisting the "asset owner economy just keeps getting better" while CryptoQuant's on-chain indicators cool, Bitcoin's near-term direction is being read very differently by equities-side commentators versus on-chain analysts.
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