CLARITY Act vote meets Fed rate hike: Five things to know in Bitcoin this week
Bitcoin starts the week under key support, with BTC closing around $76,800 and falling below the 50-week EMA at $77,380. Traders see $78,300 as the level to reclaim on a weekly close; otherwise, downside toward the 21-week EMA near $72,270 may follow. The broader structure still shows lower highs, though weekly RSI divergence remains constructive. Macro and policy events are the main catalysts. Markets expect the Fed to hike rates by 25 bps on Wednesday despite political pressure, as inflation fears and rising oil prices keep the outlook hawkish. On Tuesday, the revised CLARITY Act faces a crucial Senate procedural vote that could trigger sharp crypto volatility if it advances. Positioning data shows traders are de-risking ahead of both events, with Bitcoin open interest and spot price both declining recently. At the same time, funding rates remain supportive, suggesting persistent bullish derivatives sentiment even as spot demand appears weak.
