Bitcoin holds $76,000 despite Fed rate hike... Why are Zcash and Dash soaring?

▲ Zcash (ZEC)/ChatGPT generated image ©

Despite the Fed's interest rate hike, Bitcoin (BTC) is holding the $76,000 level, and the market's attention is shifting to privacy coins. Bitcoin's upward momentum has weakened, but it maintains a mid-to-long-term upward structure above key moving averages, while Zcash (ZEC) and Dash (DASH) led the market with double-digit gains.

According to investment media FXStreet on September 17 (local time), Bitcoin is trading around $76,200 on Thursday, stabilizing its price after a 3% drop on Tuesday. The Fed raised its benchmark interest rate by 0.25 percentage points the previous day, increasing the target range to 3.75-4.00%. BTC is trading above its 50-day, 100-day, and 200-day exponential moving averages (EMAs) of $73,695, $71,495, and $73,237, respectively, indicating that despite a slowdown in upward momentum, the overall uptrend is being maintained.

However, short-term technical indicators show that upward pressure has weakened. The daily RSI (Relative Strength Index) is hovering near the neutral line of 50, and the MACD (Moving Average Convergence Divergence) continues its downtrend below the signal line. In case of a rebound, the trendline near $82,850 is the first resistance, and if it breaks above that, the 78.6% Fibonacci retracement level of $87,476 is presented as the next resistance. Conversely, in case of a decline, $75,233 is the first support, followed by the 50-day EMA at $73,695 and the 200-day EMA at $73,237 as defense lines.

Among privacy coins, Zcash rose to an all-time high of $1,388 on Thursday. Zcash holders approved NU7, the next major network upgrade, which will reduce transaction processing time per block to 25 seconds and maintain the Bitcoin-inspired halving schedule. Zcash Labs decided to invest $80,000 to integrate the latest Ironwood pool into the hardware wallet Ledger. ZEC is trading significantly above its 50-day, 100-day, and 200-day EMAs of $867, $709, and $569, respectively, and the RSI is approaching 70. The MACD also broke above the signal line, continuing its upward trend. The next upward targets are $1,435 and $1,709, while support levels in case of a decline are $1,162 and the psychological support level of $1,000.

Dash also rose 4% on Thursday, continuing its 11% gain from the previous day. DASH is trading above its 50-day, 100-day, and 200-day EMAs of $45.66, $41.51, and $39.81, respectively. The RSI remained in the buy-dominant area at 59, and the bearish trend of the MACD is also easing. The short-term resistance is the 78.6% Fibonacci retracement level of $63.83, and if it breaks decisively above this, the September 6 high of $78.68 is presented as the next target. Subsequent upward targets are $102.62 and $143.90, while in case of a decline, $48.27 and the 50-day EMA of $45.66 are key support levels.

After the Fed's interest rate hike, Bitcoin maintains key support around $76,000, while Zcash and Dash show strong gains, indicating a differentiated trend. For BTC, whether it holds $75,233 and $73,695 is key to its short-term trend, and if it regains upward momentum, $82,850 is the first major resistance. Among privacy coins, Zcash has set a new all-time high, and Dash is also continuing its upward trend, trading above key moving averages.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*