Bitcoin gained 2.16% on September 18 to trade at $78,100, even as the Bank of Japan raised interest rates to their highest level in 31 years. The yen weakened instead of strengthening on the move, and Bitcoin broke above a falling trendline on its four-hour chart, with analysts eyeing $82,000 as the next test.
Bitcoin rose 2.16% on September 18 to trade at $78,100, defying expectations that a Bank of Japan rate hike would drag the price down. The move came two days after the US Federal Reserve raised its own rate by 25 basis points as rising oil prices kept inflationary pressure elevated.
Bank of Japan raises rate to 1.5%
The BoJ raised Japan's interest rate from 1% to 1.5%, the highest level since 1995. The bank attributed the move to rising consumer prices, after headline inflation reached 1.9% in August 2026, just below its 2% target.
BoJ governor Kazuo Ueda said the central bank remains committed to keeping inflation from crossing 2%, signaling that further hikes are likely. Still, the hike did not strengthen the yen as some had anticipated on fears the yen carry trade would unwind. Instead, JPY/USD dropped to 0.00633, its lowest reading since September 3. US Treasury Secretary Scott Bessent had previously pledged that the US would work with Japan to support the yen after it fell to a 40-year low.
Bitcoin breaks above falling trendline
Bitcoin moved above the resistance of a falling trendline on its four-hour chart amid a pickup in buying volume. It still needs a higher high above $79,890 to confirm a strong uptrend. An RSI reading of 63 supports a bullish case, and the AO bars have turned positive.
If buying pressure holds into the weekend, Bitcoin could retest the September 3 high of $82,000. But thinner weekend volume raises the odds of volatility, and renewed selling could push the price back to support at $76,290, the midline of the falling channel.
On-chain data flags profit-taking risk
Glassnode data shows Bitcoin trading above its True Market Mean of $76,660, meaning secondary-market traders are sitting on unrealized profit. The next resistance sits at $80,000, the average price at which treasuries bought Bitcoin, with a higher resistance at $85,000, the level at which Bitcoin ETFs break even.
CryptoQuant analyst CryptoOnChain notes that 4,613 Bitcoin moved to Binance, suggesting an intent to sell. If that selling pressure returns, Bitcoin could fall back to test psychological support at $75,000.
Source: CoinGape
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