Bitcoin Drops 2.39% as Senate Clarity Act Vote Looms — SkimNews
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- Bitcoin dropped 2.39% to $76,314, its lowest close since the golden cross appeared, after opening at $78,185 and touching an intraday low of $76,076.
- Technical indicators confirm a real trend rather than aimless chop: the ADX sits at 42.8 (well above the 25 trend threshold), while the Squeeze Momentum Indicator has flashed "on" for a full week with momentum at -1.17 and still falling.
- Fibonacci levels drawn from the June low near $68,858 to the September high of $82,281 show Bitcoin has broken below $79,113 and is testing the 50% retracement at $75,569, with deeper supports at $73,986 and $71,731.
- The Senate holds a cloture vote on the Digital Asset Market Clarity Act at 2:15 p.m. ET, needing 60 votes in a fully seated chamber where the math has looked shakier by the week.
- Prediction markets tracking the bill's 2026 passage odds slid heavily through September before ticking back up modestly on fresh concessions, per the source.
- A failed cloture vote wouldn't kill the bill outright but 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.
- Broader risk-off sentiment compounds the move: the S&P 500 and Nasdaq opened lower, the 10-year Treasury yield flirted with its highest level since 2023, and oil spiked on Middle East supply fears.
Why it matters: If Bitcoin closes below the 50% Fibonacci retracement at $75,569, the chart opens the door to $73,986 — and with the Senate's Clarity math looking shaky, crypto could remain under the SEC/CFTC's patchwork enforcement regime until after the midterms. Both the cloture vote (Tuesday afternoon) and the Fed decision (Wednesday) land within 24 hours.
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