Bitcoin held near $76,500 after the Federal Reserve's first interest-rate hike since 2023, as US stocks rebounded and a closely watched sentiment gauge slipped toward the edge of bullish territory. Jobless claims data released Thursday reinforced the case for the Fed to keep rates elevated, while Bitcoin stayed capped below resistance near $77,500.
Bitcoin traded near $76,500 after Thursday's Wall Street open, as investors snapped up US stocks following their recent dip. The move followed the Fed's vote on Wednesday to raise its benchmark rate by 25 basis points to 3.75%-4%, its first rate hike since July 2023.
US stocks rally as Fed lifts rates
US equities gained on the day as investors capitalized on the local downside that followed the Fed's tightening. The S&P 500 Index gained 0.9%, while the tech-heavy Nasdaq Composite Index climbed 1.5%.
Jobless claims strengthen the case for higher rates
US initial jobless claims fell to 196,000 for the week ending September 12, down from 206,000 and below the 207,000 economists had forecast. Officials said inflation remained elevated, giving the Fed less pressure to reverse course. Bitcoin briefly rose 1.25% to $76,800 after the data before giving back the gain and trading near $76,051.
Bull Score Index cools from 80 to 60
CryptoQuant's Bull Score Index, which tracks Bitcoin's price cycle, dropped from 80 to 60 — the cut-off point the firm describes as bullish conditions. According to CryptoQuant head of research Julio Moreno: "Bitcoin is cooling, not turning." Separately, Crypto Briefing reported that ETF outflows have also become notable, reversing months of inflows that had helped prop up prices during the summer rally.
Bitcoin would need to clear resistance near $77,500 before building toward the $80,500-$81,200 zone identified by analyst Michaël van de Poppe.
Sources: Cointelegraph.com News, crypto.news, Crypto Briefing
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