Bitcoin Holds Below $76K as Traders Brace for Fed Rate Hike

Bitcoin remained under pressure near monthly lows as Wall Street opened Wednesday, with traders waiting on the Federal Reserve’s interest rate call.

Rate Hike Odds Climb Above 90%

BTC traded below $76,000 after touching fresh September lows of $74,960 a day earlier, sitting near its weakest levels since August 21. Markets priced in roughly 90% odds of a 0.25% rate hike, which would push the federal funds rate to 3.75-4%, according to CME Group’s FedWatch Tool.

The pressure comes as the CLARITY Act stalled in the Senate, failing to reach the 60 votes needed to advance. Meanwhile, the Fed faces competing pressures: containing inflation while fielding repeated calls from President Trump to cut rates. Oil prices aren’t helping either WTI crude hit $106.70 a barrel Tuesday, its highest since May, as the Middle East conflict widens.

Where Bitcoin Could Find Support

Onchain analytics firm Glassnode flagged $68,000 as the next key support zone, noting that buy orders have clustered closer to the current price than earlier this year. Short-term holder cost basis sits near $71,300, offering another cushion. If that range breaks, Glassnode pointed to $62,000-$65,000 as the deeper onchain floor.