Bitcoin is maintaining a rangebound pattern, posting limited gains around $76,500.

On Sept. 17 (local time), blockchain media outlet Cointelegraph reported that U.S. stocks rebounded after the U.S. Federal Reserve raised its benchmark rate, but bitcoin failed to establish a clear direction and volatility appeared to be easing.

Bitcoin traded around $76,500 after the U.S. stock market opened. U.S. stocks rose as investors bought dips from recent declines. The S&P 500 gained 0.9 percent and the tech-heavy Nasdaq Composite rose 1.5 percent.

In the bitcoin market, both buy and sell liquidity thickened around the spot price. With orders building near the current price in CoinGlass data, a typical sideways phase emerged in the short term, with moves confined to a range. Over the past 24 hours, only limited movement was seen, mainly absorbing some nearby liquidity.

This move has been driven by the Fed's shift in monetary policy. On Sept. 16, the Fed raised its benchmark rate by 25 basis points to 3.75 to 4.0 percent. It was the first rate increase since July 2023. This effectively ended a three-year easing stance in which the Fed had cut rates or kept them in the same range at each meeting.

Some in the market said risk assets could remain strong even after the rate hike. Market analysis firm The Kobeissi Letter, referring to the Nasdaq's rise, said, "The strength in these assets will continue." With the European Central Bank raising rates by 0.25 percentage point last week and speculation that the Bank of Japan could deliver an additional increase on Sept. 18, the prospect that liquidity conditions across major economies could tighten further also came into focus.

Bitcoin regained some stability after sliding on Sept. 15 to its lowest level this month. Still, some cautioned about the durability of the rebound.

Julio Moreno (훌리오 모레노), head of research at CryptoQuant, said, "The trend is still bullish, but in the short term, momentum and the macro environment are acting as headwinds." He said current macro conditions are a burden for extending the move that rebounded 25 percent in August.

CryptoQuant's Bull Score Index, a bitcoin price-cycle indicator, fell to 60 from 80. In the index, 60 is the lower bound of the bullish zone. Moreno said, "Bitcoin is not breaking down, it's cooling," adding that weaker U.S. demand, increased inflows into altcoins and overlapping macro events point to a high likelihood of a correction or sideways trading for some time.

Market participants are therefore looking at $70,000 and the $62,000 to $65,000 zone as key support levels. After the U.S. rate hike, stocks and the cryptocurrency market moved in the same direction, but bitcoin is receiving both short-term liquidity conditions and signs of weaker demand, increasing the chance it will react more sensitively to macro variables for some time.

BREAKING: Nasdaq 100 futures surge over +1.5% as dip buyers capitalize on the post-rate hike selloff. The asset owner economy just keeps getting better. Ignore the noise and it’s incredibly obvious. pic.twitter.com/rSNgC2fNI2