Bitcoin absorbed a Federal Reserve rate increase of 25 basis points to 4.00% on Wednesday without triggering a major technical breakdown. The currency traded around $76.7K following the announcement, which also strengthened the dollar and pushed Treasury yields higher.
Daily Chart Analysis
On the daily timeframe, Bitcoin remains in a corrective phase after being rejected by the $80.5K–$82.3K resistance zone. Price has gradually declined from the September peak while maintaining a relatively controlled descent, with BTC holding comfortably above the $72K–$74K support region.
The daily RSI has cooled substantially from overbought readings and now sits around the neutral 50 level, indicating that earlier bullish momentum has been reset rather than replaced by strongly bearish momentum. As long as the $72K–$74K support zone holds, the broader bullish structure remains intact. A renewed push above $80K would bring the $80.5K–$82.3K resistance area back into focus, while a drop below $72K could expose moving averages around $68K–$70K, followed by the $66K–$67K support zone.
Short-Term Price Structure
The 4-hour chart shows a clearer short-term downtrend. Since reaching $82.3K, Bitcoin has traded inside a descending channel with lower highs and lower lows. Price recently tested the lower boundary near $74K–$75K before recovering toward $76.7K.
The 4-hour RSI bounced from near-oversold territory and returned toward the neutral 50 level, suggesting immediate selling momentum has eased. BTC remains below the channel's upper boundary around $78K–$79K. A breakout above this trendline would indicate the short-term correction is ending and could prompt another attempt at $80.5K–$82.3K. Conversely, a breakdown beneath the channel would shift focus to the $72K–$74K support zone, with the 0.5 Fibonacci retracement at $72.5K reinforcing this region.
Market Sentiment
The Coinbase Premium Index, which measures the price difference between Bitcoin on Coinbase and other major exchanges, stood at approximately -0.08. This negative reading indicates that Bitcoin is trading at a discount on Coinbase, suggesting that U.S. spot demand remains relatively weak and selling pressure continues to outweigh aggressive buying on the platform.
The index deteriorated again after briefly moving into positive territory earlier in September. This indicates that Bitcoin's resilience around $76K–$77K is not currently being supported by particularly strong Coinbase demand.
