Bitcoin Bearish Weekly Close: $76K Support Still Holds

What happened

Bitcoin closed below $77,000 on Sunday's weekly chart, but the $76,000 support level held. The price is attempting to bounce on Monday. The market expects a 25 basis point interest rate hike from the Federal Reserve on Wednesday, meaning a small increase in borrowing costs.

Confirmed

Global impact / market context

If the Fed raises rates, borrowing money becomes more expensive for investors. That can reduce cash available for riskier assets like Bitcoin, possibly pushing its price lower. The $76,000 support is key: if it breaks, Bitcoin may fall back to earlier lows.

Analyst inference

Bitcoin is in a 'bull flag' pattern, which traders see as a pause before a possible rise. However, a weak weekly close and a likely Fed hike add uncertainty. A rate increase often strengthens the dollar, which can pressure Bitcoin prices.

Analyst inference

What to watch

1. The Bitcoin price's Monday bounce attempt, as mentioned in the article, will show whether buyers step in after the weak weekly close. Watch if the price moves back above $77,000. Confirmed
2. Pay attention to the Federal Reserve's decision on Wednesday. If they raise rates by 25 basis points as expected, watch Bitcoin's reaction to that news—it could dip or rally. Proposed
3. If $76,000 support fails, Bitcoin could head back to its lows, as the article warns. A break below that level would signal a change in the bull flag pattern. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• cryptodaily.co.uk