Bitcoin is trading around $76,378 after holding up through a difficult stretch for the crypto market. The BTC price has had to deal with the failed U.S. CLARITY Act vote, concerns over higher
Bitcoin is trading around $76,378 after holding up through a difficult stretch for the crypto market. The BTC price has had to deal with the failed U.S. CLARITY Act vote, concerns over higher-for-longer interest rates, and pressure across global bond markets.
Now there is another event to watch. The Bank of Japan’s rate decision on September 18 could bring another test for Bitcoin. Markets expect the BOJ to hike its policy rate to 1.25%, which could shake up the yen, global liquidity, and demand for risk assets.
We had a look at the Bitcoin chart shared by Bitcoin2Go and right now, $75,377 is the level that matters most. BTC is trading around $76,378, just above the orange dynamic support near $75,377. The broader chart still shows a decline from the $83,000 area, so the short-term structure hasn’t fully flipped bullish yet.
Source: X/@bitcoin2go
If Bitcoin holds above $75,377, the first levels to watch are $77,000 and $78,000. A move through those would bring $79,000 and $80,000 into view, followed by $81,000, $82,000, and the recent $83,000 high.
The problem starts if $75,377 gives way. A break below that level would put $75,000 and $74,000 on the radar. The $74,000 area is the next major support on the chart, so losing it would put much more pressure on the Bitcoin price.
Read Also: Bitcoin (BTC) Price Prediction for Today (September 17)
The first big test came from the U.S. Senate. The Digital Asset Market CLARITY Act failed to clear a procedural vote by 49-50. The bill needed 60 votes to move forward, leaving the proposed crypto market-structure framework stalled.
The market reaction was immediate. Reports pointed to roughly $300 million in leveraged long positions getting liquidated after the vote, which piled on more selling pressure across crypto. On-chain data also showed short-term holders sending more than 23,000 BTC to exchanges at a loss.
For Bitcoin, the important point is that the vote did not create a new legal threat to the asset itself. Bitcoin already has an established commodity classification in the U.S. The bigger issue is that traders lost a regulatory catalyst they had been waiting for. That leaves the SEC and CFTC with more influence over the near-term regulatory environment as they continue working within existing laws.
For now, the BTC price has two clear paths on the chart. Holding $75,377 would keep $77,000 and $78,000 within reach. Above those, Bitcoin could test $79,000 and $80,000, with $81,000–$83,000 becoming the next resistance zone.
A break below $75,377 would put $75,000 and $74,000 in focus. So Bitcoin has passed one difficult test after the CLARITY Act vote. The next one comes from Japan, and it arrives at a time when the price is already sitting close to a key technical level.
The U.S. Senate failed to advance the Digital Asset Market CLARITY Act in a 49-50 procedural vote. The bill needed 60 votes to move forward, leaving the proposed crypto market-structure legislation stalled.
Did the CLARITY Act vote affect Bitcoin
Yes. The vote was followed by a risk-off move across crypto, with roughly $300 million in leveraged long positions reportedly liquidated. Short-term holders also sent more than 23,000 BTC to exchanges at a loss.
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The post Bitcoin Price Just Passed a Big Test, But One More Is Coming appeared first on CaptainAltcoin.
