Bitcoin Drops 2.39% as Clarity Act Vote, Fed Decision Loom — SkimNews
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- Bitcoin fell 2.39% to $76,314, its lowest close since the golden cross appeared, after opening at $78,185 and hitting an intraday low of $76,076.
- The Senate scheduled a cloture vote on the Digital Asset Market Clarity Act for 2:15 p.m. ET; the bill needs 60 votes in a fully seated chamber to advance.
- Prediction markets tracking the Clarity Act's odds of becoming law in 2026 slid heavily through September before ticking up modestly on recent concessions.
- Technical indicators confirm a real trend: the ADX sits at 42.8 (well above the 25 trend threshold), the RSI is neutral at 50.5, and the Squeeze Momentum Indicator has flashed "on" for a full week with a falling reading of -1.17.
- Fibonacci levels drawn from the June low of $68,858 to the September high of $82,281 show Bitcoin has broken below $79,113 and is now testing the 50% retracement at $75,569, with next supports at $73,986 and $71,731.
- Wall Street opened lower across the board, with the S&P 500 and Nasdaq both down, the 10-year Treasury yield flirting with its highest levels since 2023, and oil spiking on Middle East supply fears—traders are pricing a Fed rate hike rather than a cut for tomorrow's decision.
- A failed cloture vote would shelve comprehensive crypto market-structure legislation until after the midterms, leaving the industry under the SEC and CFTC's current patchwork of enforcement actions.
Why it matters: Crypto traders are staring down two binary catalysts within 24 hours—a Senate cloture vote that determines whether 2026 market-structure legislation lives or dies, and a Fed decision where a rate hike (not a cut) is now the base case. A failed vote leaves the industry under SEC/CFTC enforcement patchwork through the midterms, while Bitcoin's break below $79,113 and test of the 50% Fibonacci retracement at $75,569 puts $71,731 in play on a deeper flush.
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