Bitcoin has absorbed a fresh macro shock without losing its broader post-breakout structure. The Federal Reserve raised its target rate by 25 basis points to 4.00% on Wednesday, a tightening move that also strengthened the dollar and pushed Treasury yields higher. Despite this traditionally challenging backdrop for risk assets, BTC continues to trade around $76.7K, although buyers have yet to regain clear control.
Bitcoin Price Analysis: The Daily Chart
On the daily timeframe, Bitcoin remains in a corrective phase after being rejected by the major $80.5K-$82.3K resistance zone. Price has gradually moved lower from the September peak, but the decline has so far been relatively controlled, with BTC still comfortably above the key $72K-$74K support region.
This resilience is particularly notable following the Fed’s 25-basis-point rate increase. Rather than producing an immediate structural breakdown, the decision has so far left BTC consolidating above its major breakout area. Still, the Fed’s projections indicate that policymakers see inflation remaining elevated and point to a restrictive policy backdrop, meaning macro pressure has not necessarily disappeared.
Meanwhile, the daily RSI has cooled substantially from its previous overbought readings and is now sitting around the neutral 50 region. This suggests that the 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. Conversely, a drop below $72K could expose the moving averages around $68K-$70K, followed by the $66K-$67K support zone.
BTC/USDT 4-Hour Chart
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 defining the correction.
Price recently tested the lower boundary of this structure near the $74K-$75K area before recovering toward $76.7K. The 4-hour RSI also bounced from near-oversold territory and has returned toward the neutral 50 level, suggesting that immediate selling momentum has eased.
However, BTC remains below the channel’s upper boundary, currently around $78K-$79K. A breakout above this trendline would be the first meaningful indication that the short-term correction is ending and could open another attempt at the $80.5K-$82.3K resistance zone.
On the other hand, another rejection followed by a breakdown beneath the channel would shift attention toward the $72K-$74K support zone. The 0.5 Fibonacci retracement at $72.5K reinforces this region, while deeper levels are visible at $70.2K, $68.6K, and $66.9K.
Sentiment Analysis
The Coinbase Premium Index measures the price difference between Bitcoin on Coinbase and other major exchanges and can provide insight into buying or selling pressure from U.S.-based participants.
The latest reading is approximately -0.08, placing the index firmly in negative territory. This 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.
More importantly, the index has deteriorated again after briefly moving into positive territory earlier in September. This means Bitcoin’s resilience around $76K-$77K is not currently being supported by particularly strong Coinbase demand.
Therefore, while BTC has handled the Fed’s rate hike without a major technical breakdown, the negative Coinbase Premium suggests caution. A sustained return of the index above zero, especially alongside a breakout from the descending 4-hour channel, would better confirm that spot buyers are returning and that the market may be preparing for another attempt at the $80K-$82.3K resistance region.
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