Cryptos Rally Across the Board, Bitcoin Reclaims $76,000 After Fed Rate Decision

TradingKey - Macro bad news cleared, Fed decision sparks broad crypto market rally, Bitcoin reclaims $76,000 high.

On September 17, the Fed's rate hike decision removed uncertainty and sparked strong buying momentum, driving a widespread cryptocurrency rebound. Among them, Bitcoin (BTC) rose 1.5%, reclaiming the $76,000 level; Ethereum (ETH) gained 1.8%, standing above $2,400; Ripple (XRP) rebounded 2%, touching the $1.3 mark; while major coins such as BNB and Solana all recorded gains of varying degrees.

The driving logic behind this crypto market rebound is the clearing of negative news. Today, the Federal Reserve announced a 25-basis-point rate hike to the 3.75%–4.00% range, in line with market expectations, which had already been priced in with a probability of over 90%. Once uncertainty settled and the dot plot showed no extremely aggressive hawkish signals, sideline capital and short positions quickly covered, pushing risk assets across the board into a rebound.

In addition, the failure of the Clarity Act to pass the 60-vote threshold in the Senate on the previous day triggered panic selling in the market, causing cryptocurrencies to plunge collectively and sending the BTC price below the key support level of $75,000. However, after digesting the negative news from the bill, a technical oversold rebound was triggered. Currently, the Bitcoin price has returned above $76,000. If it can hold this level today, it is still expected to trend higher with volatility through late September, making another attempt at the $80,000 mark.

Bitcoin price chart, source: TradingView