Bitcoin price hovered near the crucial $76,700 mark as the Federal Reserve announced a 25 basis point increase in its target federal funds rate, lifting it to a range of 3.75% to 4%. This rate hike, which took place on September 16, is the Fed’s first since July 2023.
Bitcoin Moves After Fed Decision
Following the central bank’s decision, Bitcoin traded around $76,400, fluctuating between $75,000 and $76,900 within the first half hour after the news. The cryptocurrency eventually consolidated near $76,450 by September 17, as it struggled to regain levels above a critical on-chain metric.
On September 15, Glassnode reported that Bitcoin settled below its $76,700 True Market Mean for the first time. Analysts from Glassnode consider a consecutive daily close beneath this level necessary to confirm that Bitcoin has broken out of its established range.
The Federal Open Market Committee voted unanimously to implement the 25 basis point rate increase in response to persistent inflation, which has been aggravated by rising oil prices. This move was widely anticipated across financial markets.
The Fed’s rate decision also affected broader markets, with the Dow Jones Industrial Average dropping 1.2% before stabilizing, and gold retreating 0.67% to $4,263.91.
Glassnode Analysis: Market Levels and ETF Outflows
In recent days, Bitcoin has faced significant selling pressure, falling about 4.6% over the week according to Glassnode. This decline saw the coin dip below both its short-term trading range and the key $76,700 mean price.
The $76,700 level previously served as support on August 23 and September 10, but the break this week followed several negative catalysts, including the failed Senate CLARITY Act vote. Glassnode reiterated that confirmation of a breakdown would require another daily close below the mean.
Glassnode identified that, “Bitcoin entered the Fed decision already weakened by ETF outflows, liquidations, and rising Treasury yields.”
Bitcoin’s Realized Cap had risen for 27 consecutive days before declining on September 15-16. Meanwhile, US spot Bitcoin ETFs recorded net outflows totaling $334 million from September 8 to September 14, despite seeing almost $1 billion of inflows earlier in the month.
The total supply of stablecoins has remained steady at about $301 billion, roughly 4% below its previous peak in April 2026. Corporate treasury activity has also slowed, with only 5,900 BTC bought over three months, compared to 89,000 BTC purchased in July 2025. The average corporate cost basis now stands at $80,500, above Bitcoin’s spot price.
Key Support and Resistance Zones
According to Glassnode, options traders shifted their positions toward downside protection after the failed Clarity Act vote. The max pain price for options expiring on September 25 sits at $72,000, while resistance is concentrated in a call wall between $85,000 and $90,000.
Order book data shows that buy liquidity has thinned, with the strongest bids resting at $68,000 and a gap extending down to $61,000.
Glassnode highlights the Short-Term Holder Cost Basis at $71,300 as immediate support. Should Bitcoin see a second daily close below $76,700, deeper support between $62,000 and $65,000 could come into play.
Glassnode noted that “if Bitcoin secures two daily closes back above $76,700, accompanied by renewed growth in Realized Cap, the previous trading range could be restored.”
Wall Street Embraces Web3 Solutions
Amid this period of heightened market monitoring and technical level watching, traditional financial institutions are increasingly exploring Web3 technologies. Wall Street firms are moving from broker-based systems toward blockchain platforms, enabling investors to hold shares of major US companies, gold, and silver directly in their crypto wallets. With platforms such as 1stepSwap tokenizing real-world assets and delivering instant price discovery, intermediaries are being completely removed from these transactions.
Outlook for Bitcoin Price
The Federal Reserve’s latest rate increase has intensified the challenging environment for risk assets. Importantly, however, Bitcoin’s downward move began prior to the September 16 decision. The $76,700 True Market Mean now serves as a key technical indicator for price direction.
A sustained recovery above $76,700 could restore Bitcoin to its previous range, while additional daily closes below this level may activate the next targets at $71,300 and deeper support levels in the $62,000 to $65,000 zone.
