Bitcoin Holds $76K Despite Fed Rate Hike, Eyes $77K Resistance
Bitcoin recovered to $76,000 on September 16 after dipping to $75,064 intraday, holding its ground as equities fell sharply following Fed Chair Kevin Warsh's press conference. Buyers defended the $75,000 support level, with technical analysts flagging $77,000 as the next resistance target.
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The Recovery Move
Bitcoin fell to an intraday low of $75,064.82 on September 16 but recovered to reclaim the $76,000 zone by the time Fed Chair Kevin Warsh's press conference concluded. The move came as broader equities retreated: the S&P 500 fell 0.7%, the Dow dropped 1.2%, and the 2-year Treasury yield climbed to 4.734%. Bitcoin's resilience during the equity selloff marked a departure from earlier correlations, with buyers actively defending the $75,000 support level.
Technical Setup
According to on-chain and technical analysts, the recovery formed what traders call a "recovery setup" above the $75,000 support. Four-hour momentum indicators showed improvement, and liquidity mapping identified $77,000 as the nearest overhead resistance. The stabilization at $76,000 suggests buyers are willing to step in at the lower zone, though follow-through above $77,000 would be needed to signal a genuine rebound rather than a temporary bounce.
Why It Matters
For Traders
Defend the $75,000 level on any pullback; break above $77,000 resistance would confirm a short-term rally, but failure there signals lower prices likely.
For Investors
Bitcoin's ability to hold ground during equity selloffs suggests decoupling from traditional markets is intact; divergence behavior remains a key metric for macro positioning.
For Builders
Stablecoin and DEX liquidity concentrated near round-number support ($75K, $76K, $77K) remains elevated; expect slippage to normalize if spot price stabilizes for 24+ hours.
This article is for information only and is not financial advice. Read the full disclaimer.
