Bitcoin near $75K after hawkish Fed, oil tops $120

Bitcoin traded near $75,000 on Thursday after the Federal Reserve’s FOMC meeting, while Brent crude climbed above $120 per barrel for the first time since June 2022. Market data showed BTC around $76,000, about 2% below the previous day’s high. The 21-day simple moving average provided technical support near $75,500.

The Fed left its policy rate unchanged but signaled greater focus on inflation risks. Nic Puckrin, CEO and cofounder of a crypto education platform, described the meeting as his ‘most hawkish in years’ and noted that four Fed members dissented — the first time that many opposed a decision since 1992. Two-year Treasury yields rose versus Fed funds futures.

Brent spot exceeded $120 per barrel amid ongoing tensions between the U.S. and Iran and pressure on refined-fuel inventories. Market participants cited higher regional demand for jet fuel in Asia and limited European supplies as factors tightening markets.

Order-book and on-chain data showed different behavior among investor types. Large orders on a major exchange appeared to buy price dips while smaller order classes reduced exposure. Analysts identified the 21-day moving average as a key short-term support level for traders.

Political reaction followed the Fed decision. Former President Donald Trump posted on social media that ‘Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!’ He criticized the Fed chair for not cutting rates sooner and wrote he would be disappointed if nominee Kevin Warsh did not lower rates at his first meeting.

Investors will watch whether traders defend the 21-day moving average, any escalation in the Middle East and how markets respond to central bank signals. Higher oil prices and the Fed’s tone affected liquidity and risk pricing across cryptocurrency and traditional markets on Thursday.