After falling below $76,000, Bitcoin saw a rebound, but its short-term trend remains volatile. The market is simultaneously digesting the pressure from the price decline from the $79,000 to $80,000 range and awaiting the procedural vote by the U.S. Senate on the CLARITY bill, as well as the Federal Reserve's latest interest rate decision.
At one point during the session, it dipped to $75,600.
As of the time of publication, Bitcoin was trading at around $76,863, with a daily decline of about 1.7%. The price hit a low of $75,605 during the session but subsequently rebounded above $76,000. In the preceding weeks, Bitcoin made several attempts to return to the $79,000 to $80,000 range, but failed to hold that level, and the high points continued to fall, indicating that selling pressure remained during the rebound process.
The progress of the U.S. digital asset market CLARITY legislation has kept market sentiment cautious. The Senate was preparing to conduct a procedural vote that required 60 votes to pass, but news of disagreements between Democrats and Republicans weakened market expectations for the smooth advancement of the legislation. At the same time, rising U.S. Treasury yields, increasing oil prices, and changes in interest rate expectations have also dampened risk appetite, including for crypto assets.
$75,500 to $76,000 serves as a key support level
From a daily chart perspective, the longer-term trend has not yet completely turned bearish, but there are increasing signs of weakness in the short term. Analysts believe that if Bitcoin continues to close below $75,500 to $76,000, the breakout structure since August will face greater pressure. The next support level could be around $74,000, followed by approximately $72,800.
If the price recovers to the range of $78,000 to $80,000, the upward trend will significantly improve. If it can further exceed $80,000, the market will once again focus on the previous high area around $81,000 to $82,000. Conversely, if it cannot recover to $78,000, the rebound may still face new selling pressure.
Clearing-intensive areas have formed on both the upper and lower sides.
On a 4-hour time frame, Bitcoin is still operating within a range, and the short-term direction is not clear. Data cited from CoinGlass shows that the main clearing zones above the current price are located between $77,600 and $77,800, as well as between $78,200 and $78,500. There is also a noticeable accumulation of liquidity in the vicinity of $80,000.
Below, the price is most concentrated around $75,000, with secondary clearing zones also existing around $74,000 and $73,000. This means that once the price effectively falls below $75,500, the liquidation of leveraged long positions could exacerbate the downward trend; if it breaks through $77,400 again, the pressure from short sellers above could also push the price towards more liquid areas.
Traders regard the current range as a short-term watershed. Market opinion generally focuses on the $75,000 to $76,000 area: if this region can be held, Bitcoin has a chance to rebound to $77,400 or even $78,600; if it is lost, support levels of $74,000 and lower will come into focus again.
