Bitcoin maintained its broader bullish structure after the Federal Reserve raised its target rate by 25 basis points to 4.00% on Wednesday, a move that strengthened the dollar and pushed Treasury yields higher. Despite this traditionally challenging backdrop for risk assets, BTC continued trading around $76.7K, though buyers have yet to regain clear control. The daily chart shows Bitcoin remains in a corrective phase after being rejected by the $80.5K-$82.3K resistance zone, but the decline has been controlled, with the asset still above the key $72K-$74K support region. The daily RSI has cooled to the neutral 50 region, suggesting bullish momentum has been reset rather than replaced by bearish momentum. On the 4-hour chart, BTC has traded inside a descending channel since reaching $82.3K, with lower highs and lower lows defining the correction. The Coinbase Premium Index remains negative at approximately -0.08, indicating weak U.S. spot demand, though the asset has handled the Fed’s rate hike without a major technical breakdown.
The Federal Reserve raised its target rate by 25 basis points to 4.00% on Wednesday, tightening monetary policy and strengthening the dollar. Bitcoin remains around $76.7K, having absorbed this macro shock without losing its post-breakout structure. On the daily timeframe, BTC is in a corrective phase after being rejected by the major $80.5K-$82.3K resistance zone. The decline from the September peak has been relatively controlled, with the asset still above the key $72K-$74K support region.
The daily RSI has cooled substantially from overbought readings and now sits near the neutral 50 level. This suggests 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.
On the 4-hour chart, Bitcoin has traded inside a descending channel since reaching $82.3K, with lower highs and lower lows defining the correction. 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, indicating easing selling momentum.
BTC remains below the channel’s upper boundary around $78K-$79K. A breakout above this trendline would be the first meaningful indication that the short-term correction is ending. Another rejection followed by a breakdown beneath the channel would shift attention toward the $72K-$74K support zone.
The Coinbase Premium Index measures the price difference between Bitcoin on Coinbase and other major exchanges. The latest reading is approximately -0.08, firmly in negative territory, indicating that Bitcoin is trading at a discount on Coinbase. This suggests U.S. spot demand remains relatively weak and selling pressure outweighs aggressive buying on the platform.
The index deteriorated again after briefly moving into positive territory earlier in September. Bitcoin’s resilience around $76K-$77K is not currently supported by particularly strong Coinbase demand. 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.
