Bitcoin price is testing the key $76.7K level after the Federal Reserve raised interest rates by 25 basis points on Wednesday, bringing the federal funds target range to 3.75%-4%.
The September 16 decision was the Fed’s first rate hike since July 2023 and came as Bitcoin was already trading below a key on-chain market level.
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Bitcoin traded around $76,400 following the decision, after moving between roughly $75,000 and $76,900 in the first 30 minutes after the announcement. The cryptocurrency consolidated near $76,450 as of September 17.
According to Glassnode, Bitcoin closed below its $76.7K True Market Mean on September 15. Glassnode considers a second daily close below the level necessary to confirm a genuine range breakdown.
Federal Reserve Raises Interest Rates to 3.75%-4%
The Federal Open Market Committee voted unanimously on Wednesday to raise the target range for the federal funds rate by 25 basis points to 3.75%-4%
The hike, the first since 2023, aimed at combating inflation driven partly by rising oil prices, was widely anticipated by markets.
The Dow Jones Industrial Average fell 1.2% on the announcement before stabilizing, while gold slipped 0.67% to $4,263.91.
Bitcoin Price Falls Below $76.7K True Market Mean
Bitcoin was already down roughly 4.6% on the week, according to Glassnode’s Bitcoin price analysis, after slipping below both its recent trading range and the True Market Mean at $76.7K.
The $76.7K level had held twice before, on August 23 and September 10, making the current break shallow relative to a difficult week that also included a failed CLARITY Act vote.
September 15 marked the first daily close below the mean. Glassnode says a second such close would confirm the breakdown.
Bitcoin ETF Outflows and Weak Demand Add Pressure
Glassnode noted Bitcoin entered the Fed decision already weakened by ETF outflows, liquidations, and rising Treasury yields.
Realized Cap rose for 27 straight days before turning negative on September 15-16. US spot ETFs recorded roughly $334 million in net outflows from September 8-14, after nearly $1 billion in inflows earlier in the month.
Stablecoin supply held near $301 billion, about 4% below its April 2026 peak. Corporate treasury buying nearly stopped, with 5,900 BTC purchased over three months versus 89,000 BTC in July 2025 alone. The average corporate cost basis of $80.5K now sits above spot.
Bitcoin Options and Order-Book Data Point to Key Support Levels
Options positioning shifted toward downside protection after the failed Senate Clarity Act vote, with max pain for the September 25 expiry at $72K and a call wall limiting upside near $85K-$90K.
Order book liquidity has also thinned, with bids reaching only about $68K and a gap down to $61K.
Glassnode sees the Short-Term Holder Cost Basis at $71.3K as first support, followed by a deeper support zone at $62K-$65K.
Bitcoin Price Levels to Watch: $71.3K and $62K-$65K
Glassnode sees the current market at a crossroads: the shallow pullback suggests resilience, but weak demand from on-chain activity, ETFs, and corporate buyers points to caution.
Two daily closes above $76.7K, along with renewed Realized Cap growth, would restore the previous range.
Glassnode identifies $71.3K as the next support level if Bitcoin records a second daily close below $76.7K, with deeper support at $62K-$65K.
What Federal Reserve Interest Rates Mean for Bitcoin
The Federal Reserve’s rate hike adds to the tighter monetary-policy backdrop for risk assets, but Bitcoin’s decline had already begun before the September 16 decision. The key technical level now is Glassnode’s $76.7K True Market Mean.
A sustained move back above $76.7K would put Bitcoin price back inside its recent range, while another daily close below the level would strengthen the case for a move toward the $71.3K level. Glassnode identifies $62K-$65K as the next deeper support zone.
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