Bitcoin Sinks as the Senate's Clarity Act Showdown Looms
Bitcoin fell alongside a broader risk-off move in U.S. markets as traders waited for the Federal Reserve’s rate decision and a Senate cloture vote on the Digital Asset Market Clarity Act. Stocks opened lower, Treasury yields rose, and oil gained on supply fears, adding pressure to crypto. Bitcoin dropped from an intraday high near $78,242 to about $76,314, down 2.39% on the day and its weakest close since a recent golden cross. Technicals remain mixed: ADX shows a strong trend, RSI is neutral, and falling negative momentum suggests sellers still have control. Bitcoin has broken below $79,113 and is testing the 50% Fibonacci retracement near $75,569; a close below that could open downside toward $73,986 and then $71,731. The bigger risk is regulatory. If the cloture vote fails, comprehensive crypto market-structure legislation could be delayed until after the midterms, leaving the current SEC/CFTC patchwork in place.
