Crypto Overview: Bitcoin steadies above $76,000 amid Fed rate hike – Privacy coins rally

• Bitcoin hovers around $76,000 on Thursday, holding above a crucial support as momentum weakens.
• The US Federal Reserve announced a 25-bps interest rate hike on Wednesday, raising the target range to 3.75%-4.00%.
• Privacy coins, Zcash and Dash, post double-digit gains over the last 24 hours, emerging as top performers.

Bitcoin (BTC) holds steady around $76,000 at press time on Thursday, showing near-term strength as the US Federal Reserve (Fed) raised interest rates by 25 bps. Privacy coins, Zcash (ZEC) and Dash (DASH), post double-digit gains over the last 24 hours, emerging as top performers.

Bitcoin floats above key support zone despite weak momentum

Bitcoin hovers around $76,200 at press time on Thursday, holding steady after a 3% decline on Tuesday. BTC maintains a constructive bias above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) around $73,695, $71,495, and $73,237, respectively. This positioning suggests the broader uptrend is still intact despite a cooling in momentum.

The Relative Strength Index (RSI) hovers near the neutral 50 level on the daily chart, and the Moving Average Convergence Divergence (MACD) extends downward below its signal line, reaffirming reduced upside pressure.

A potential rebound in BTC could face the overhead trendline near $82,850 as the immediate resistance, with the next barrier at the 78.6% retracement around $87,476, measured over the $97,924 to $57,800 downswing, where profit-taking could intensify if the advance extends.

On the downside, initial support is seen at the 50% retracement at $75,233, followed by the 50-day EMA near $73,695 and the 200-day EMA around $73,237.

Zcash hits record high amid Ledger support

Zcash holders voted in favor of the next major network upgrade, NU7, which increases its transaction speed to 25 seconds per block and maintains a Bitcoin-inspired halving schedule, with nearly 2.4 million ZEC out of 3.6 million ZEC at stake. In addition, Zcash Labs committed $80,000 toward integrating Zcash's latest Ironwood pool into Ledger devices, enabling holders to self-custody their ZEC tokens.

Zcash extends its rally to a fresh all-time high of $1,388 on Thursday, maintaining a strong bullish phase. The privacy coin holds comfortably above the 50-, 100- and 200-day EMAs at $867, $709, and $569, respectively. This stacked EMA configuration, with spot trading far above all three, suggests a firmly established uptrend.

The rising RSI near 70 hints at persistent buying pressure, albeit with conditions edging toward overbought. At the same time, the MACD crosses above its signal line, extending the positive trend and suggesting that bullish momentum is still in play.

On the upside, the R3 Pivot Point at $1,435 serves as the next bullish target, with the R4 Pivot Point at $1,709 in view.

On the downside, initial protection aligns with the R2 Pivot level at $1,162, followed by the $1,000 psychological level, where any shallow pullback could first test market appetite to defend the latest breakout zone.

DASH extends its upward trend

Dash is up 4% on Thursday, extending its 11% gains from the previous day. The privacy coin holds a bullish near-term bias as price stands well above the 50-, 100- and 200-day EMAs at $45.66, $41.51, and $39.81, respectively.

The MACD line remains flat below its signal line in the positive region while its bearish profile eases, hinting at persistent upside momentum. At the same time, the RSI at 59 stays in constructive territory, suggesting buyers still retain control.

The immediate resistance for Dash emerges at the 78.6% Fibonacci retracement level at $63.83, measured over the upswing from $29.62 to $78.68. A confirmed breakout above this level could target the September 6 high at $78.68. Beyond this, the 127.2% and 161.8% Fibonacci extension levels at $102.62 and $143.90 could serve as the next bullish targets.

Looking down, the 50% retracement level at $48.27 serves as the immediate support level, guarding the downside to the 50-day EMA at $45.66 and the 100-day EMA at $41.51.

(The technical analysis of this story was written with the help of an AI tool. Know more.)