Bitcoin fell back below $77,000, and the market cooled down significantly before the U.S. Senate conducted a procedural vote on the Digital Assets Market Clarification Act. It hit a low of $76,704 during the session, then rebounded slightly, but the short-term trend remains weak.
Price falls back to the lower edge of the range.
As of press time, BTC is trading at $77,059, representing a daily decline of 1.45%. It opened the day at $78,189 and reached a high of $78,250 before subsequently falling. Bitcoin has previously attempted several times to stabilize above $79,000 without success, and since approaching $82,000 at the beginning of September, its highs have continued to decline.
The middle band of the 4-hour Bollinger Bands is at $77,474. BTC has fallen below this level and is now closer to the lower band of $76,359, while the upper band is at $78,589. This distribution indicates that short-term selling pressure still dominates.
In 4 hours, RSI dropped to 44.20, below the neutral level of 50 and also below the signal line of 48.76. The indicator has not yet entered an oversold area, but it reflects that the short-term momentum continues to weaken.
Senate vote suppresses risk appetite
Market sentiment has weakened, which is related to the upcoming procedural vote in the U.S. Senate on CLARITY Act. This vote requires 60 votes to officially initiate debates on this crypto market structure bill.
Previously, the market had seen a brief recovery due to news of bill revisions. However, as doubts arose about whether the required number of votes could be achieved, traders returned to a more cautious stance. If the advancement of the bill is hindered, the clear timeline for the regulation of digital assets in the United States may be further delayed, and the relevant industries will continue to operate under the existing regulatory framework.
At the macro level, there is also pressure on risky assets. In August, U.S. inflation data was relatively high, and coupled with rising oil prices, this has increased market expectations that the Federal Reserve will maintain a tight policy. If interest rates remain high, funds may continue to flow towards yield-bearing assets such as U.S. Treasuries, thereby suppressing the performance of crypto assets.
$75,500 becomes a key level for short-term trading
The 24-hour clearing heat map of CoinGlass shows that Bitcoin has fallen from near $79,400 and then temporarily stabilized around $76,600. The most obvious area of liquidity concentration below the current price is around $76,000, and there is also a significant accumulation of clearings in the $75,000 range.
This means that if the selling pressure continues to increase, the range of $75,000 to $76,000 could become the next testing area. Above that, there are two larger areas of liquidity at $78,300 to $78,500 and around $80,000.
If prices rebound, these levels may attract transactions, but they could also form resistance, as positions that were previously trapped might choose to close their trades near the entry price.
In the short term, the recent low near $76,700, the lower band of the Bollinger Bands at $76,359, and the area with high liquidation volume near $76,000 together form the first level of support.
Traders consider $76,000 and $75,500 as potential rebound zones. If Bitcoin briefly falls below $75,500 before and after the bill voting, but then quickly recovers, accompanied by a clear influx of buying orders, there could be a technical rebound in the market.
However, if the daily close falls below $75,500, the expectation for a rebound will significantly weaken, and the next more important support level may shift to around $72,800. Other analysts point out that Bitcoin has once again fallen below the 50-week moving average. If the weekly close also falls below this level this week, the current downward trend could continue further.
